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Roughly 80% of student loan debt comes from federal loan programs.

If you’ve ever used a debt consolidation loan to take care of credit card debt problems, you may think you understand how a Federal Direct Consolidation Loan works for student loan debt. You use a Federal Direct Consolidation to consolidate federal student loan debt into one easy payment.

By federal law, credit damage caused by missed payments on student loans are one of the few negative items that can be removed from your credit report completely in less than a year.

If you make 9 consecutive payments on a defaulted student loan it becomes current and all previous missed payments are removed from your credit report.

Normally to bring defaulted federal student loans current, you would need to make at least nine consecutive payments on time to get each loan up to date.

If you’re already struggling to keep up with your payments, that can be tough.

But to clarify, not only does this make you eligible – the law requires you to enroll in one of the three available hardship-based repayment plans.

This includes: Once you enroll in one of those programs, the repayment schedule and term of your loan may change based on you situation.

Direct consolidation restrictions and additional notes As described above, one of the benefits of consolidating this way is that it immediately brings defaulted debt current so you can qualify for Federal Repayment Plans.

If you have multiple individual debts to repay it can get complicate to juggle all those bills within your budget.

Consolidation reduces that down to just one bill, so debt is easier to manage.

But the loan structure, interest rate and how you qualify varies greatly from other types of consolidation loans.

This guide is designed to help you fully understand how these loans work.

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