I’ve got five (5) Parent Plus loans.  Two are FFELP, both at 8.5% each - each “Standard Level Plan.”  The other three (3) are Direct Loans, two (2) at 7.9% and one (1) at 6.125%.each “Graduated Extended.”  Assume they are all pretty much the same balance dues.

Which ones should I address first?

Can I convert these to “Extended Repayment?”

Do you think it is beneficial to consolidate them all or just some of them?

You’re borrowing on behalf of your dependent children?

Yes, I accumulated the loans for 4 children.  I am not borrowing, they have graduated, so now I start the payback process.

Without knowing everything about your individual circumstances, I can’t recommend the best course of action for you specifically, but I can point you towards the information you’ll want to consider when making your decision.

Your repayment options include standard, graduated, and potentially extended if you owe “enough”.  Unfortunately Parent PLUS loans cannot be repaid under either Income-Based Repayment or Income-Contingent Repayment.  But if you consolidate, the consolidation loan that repaid the Parent PLUS loans could then be repaid under ICR (but still can’t be repaid under IBR).

If you consolidate loans with different interest rates, the consolidation loan will have an interest rate that is the weighted average of the underlying loans. If you keep the different interest rate loans separate, you preserve your ability to target your repayment to the higher interest rate debt first.  Either choice could make sense, depending on how much you owe, how much you earn, and your other financial obligations and goals.

I suggest you try some different scenarios using these Department of Education calculators to figure out the best strategy for you: http://studentaid.ed.gov/PORTALSWebApp/students/english/OtherFormsOfRepay.jsp