student loan consolidation program

Dear Borrower,
Thank you for your interest in the U.S. Department of Education’s Federal Direct Consolidation Loan
(Direct Consolidation Loan) Program.
Contents of Direct Consolidation Loan Application Package
• A Direct Consolidation Loan Application and Promissory Note.
• Instructions for completing the Direct Loan Consolidation Application and Promissory Note.
• Additional forms related to applying for a Direct Consolidation Loan.
Items You Should Review Before Applying
Choosing a Direct Consolidation Loan is a decision that will affect your financial future. There are several
documents that will help you make an informed decision. Please be sure to carefully read all of these
documents before you complete your Direct Consolidation Loan Application and Promissory Note:
• Application and Promissory Note, Borrower’s Rights and Responsibilities, and Instructions:
Find helpful, line-by-line guidance and information—a “must” when completing your application and
understanding your rights and responsibilities.
ADDITIONAL INSTRUCTIONS: If you have any Direct Unsubsidized Loans (TEACH) (converted
from TEACH Grants), which you want to consolidate or do not want to consolidate, select loan type
‘L’ (Direct Unsubsidized Loans) when you complete the Education Loan Indebtedness sections of the
Direct Consolidation Loan Application and Promissory Note and Additional Loan Listing Sheet—and
on the Request to Add Loans form if you add any loans to an existing consolidation.
• Addendum to Direct Consolidation Loan Application and Promissory Note: As a result of new
laws or regulations, some of the terms and conditions of Direct Consolidation Loans may differ from
the terms and conditions that are included in the Application and Promissory Note. If any of the loan
terms and conditions in the Application and Promissory Note have changed, this package will also
include an Addendum to the Direct Consolidation Loan Application and Promissory Note that explains
these changes.
Estimate Your Monthly Repayment Amounts
Determining how much you will pay each month and for how long is essential to