How long does it take to consolidate my diret loans once I submit my application?
The consolidation process generally takes 60-90 days. Using our online Web application can reduce the amount of time it takes to consolidate a borrower’s loan. 21. When can I expect my first bill? Borrowers will receive bills from the diret loans Loan Servicing Center within 60 days of the first disbursement of their diret loans Consolidation Loan. 22. How do I make payments? Borrowers receive monthly billing statements from the diret loans Loan Servicing Center, unless they enroll in the Electronic Debit Account (EDA). Borrowers receive a 0.25 percent discount on their interest rate for as long as they continue to make payments using EDA. Borrowers must keep the diret loans Loan Servicing Center informed of changes of address and to their names. Borrowers are responsible for making payments on time regardless of whether they receive billing statements. Borrowers should send payments to: U.S. Department of Education diret loans Loan Payment Center P.O. Box 530260 Atlanta, GA 30353-0260
