It's important to keep copies of your award notices and your MPN in one place as they provide the details of your loans, and your rights and responsibilities as a student loan recipient.
Get detailed information about repayment, deferments, forbearance, forgiveness programs, consolidation, and other frequently asked questions at StudentAid.gov. Detailed information on federal student loan interest rates can be found on Federal Student Aid website. The interest rate for a direct consolidation loan is the weighted average of the interest rates on the loans being consolidated and is fixed for the life of the loan.
Student loans are borrowed money and must be paid back according to the terms and conditions of the Master Promissory Note. You should estimate your repayment schedule prior to borrowing loans.
For more information on the federal Perkins loan program, visit the Student Business Services website.