What will happen to the existing loans that I have borrowed from other lenders?
After graduation you can either make individual payments to your previous lenders and to the Department of Education for your Direct Loans, or you can consolidate your loans so you will only have to make one payment. However, please be aware that currently, only the Department of Education is consolidating Federal Student Loans, so if you opt to consolidate, you must convert all of your FFEL loans into a Direct Loan. Please consider the pros and cons of loan consolidation before making a decision. We are here to help if you have questions.