Consolidating student loans in canada

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The interest rate must not exceed 8.25% for consolidation loans prior to July 2013.

Consolidation loan borrowers should not be charged origination fees.

The Department posts information to help you determine whether you are a dependent or independent student.

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If you are a dependent student whose parents are ineligible for a Direct PLUS loan, you may be able to receive additional Direct Unsubsidized Loan funds.

Federal student loan amounts and terms for loans issued in 2019-20 Stafford loans are for undergraduate, graduate and professional students enrolled at least half-time. A subsidized loan is awarded on the basis of financial need, and the government pays the interest before repayment begins or during authorized periods of deferment.

Unsubsidized loans are not awarded based on financial need and borrowers are responsible for all interest.

Guaranty agencies pay off the lenders when borrowers default, and in turn, are reinsured by the Department of Education.

The National Council of Higher Education Resources (NCHER) also has a fact sheet with a list of guaranty agencies.

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