Can I pay more than the minimum loan payment required each month? back to top Yes. And by doing so, you can shorten your overall loan term and decrease your interest costs. The extra money you send in each month is applied directly towards the principal balance of your fixed interest rate loan, so you can pay your loan off faster. Best of all, you can pay off your consolidation loan early without penalty or fee. Should I continue paying on the students that I am consolidating while my application is in process? back to top Yes. It is extremely important to continue to make all of your regular payments on the loans that you have selected to consolidate until you receive your new Loan Consolidation Disclosure Statement and Repayment Schedule from Corporation, your new loan servicer. At Consolidation Assistance ProgramSM (CAP), we''re dedicated to helping former students save money and streamline their student repayment process through the Federal Consolidation Loan Program.

Interest Rate Information Your Consolidation Assistance Program interest rate The fixed rate on your Consolidation Assistance Program loan will be the weighted average of the interest rates as of on the eligible loans being consolidated rounded up to the nearest 1/8th %. Students currently in grace may qualify for a 3.5% interest rate. Students in repayment may qualify for an interest rate of only 4.125%. These rates apply for loans taken out since Interest Rate Deductibility Through the now allows individuals to deduct the interest paid on loans taken out to attend eligible educational institutions. You may receive this deduction during the first 60 months in which interest payments are required. However, beginning in this limit will be removed for all eligible loans, including those that have been in repayment for more than 60 months.

The length of time you can choose to repay your loan is dependent on your total loan balance, both for those loans you are consolidating and for any additional education loans that you have, but are not consolidating. If your total loan balance is? Your maximum repayment period is? Note: maximum repayment period excludes authorized periods of deferment and forbearance. When do I start repaying my loans? back to top Once your loan has been funded, you will receive a Loan Consolidation Disclosure Statement and Repayment Schedule from the servicer of your new Consolidation Assistance Program loan. Thirty Days from the date your loan is funded, you are required to begin repayment according to that schedule. If later I decide to switch to a different repayment plan, can I do so? back to top Yes. Simply contact our servicer, to switch plans. There are no extra costs or penalties to switch plans, and you can do so once a year.

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