Department of education consolidating loans

11-Aug-2020 16:19

If you didn’t make payments on your federal student loans and are now in default, don’t get discouraged.It may seem like an overwhelming situation, but you have multiple options for getting out of default.To consolidate a defaulted federal student loan into a new Direct Consolidation Loan, you must either Repayment in full is exactly as it sounds; you can repay the full amount that you owe at any time.We understand that repayment in full is not a viable option for most people.As soon as you think that you’ll have trouble making your monthly payment, contact your loan servicer to discuss your situation—they are there to help you.Additionally, if you enrolled in an income-driven repayment plan, your loan servicer will let you know when it’s time to recertify your income and family size.Absent an act of Congress, this financial move is not possible.If you look at the private student loan consolidation companies on the market, you will see there is a wide selection and that interest rates can be just over 2%.

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All loans are eligible for private loan consolidation, even federal.

If you thinking of consolidating your federal loans into a private loan, tread carefully.

By locking in low interest rates you can save a bundle, but you must give up the perks that go with federal loans.

Finally, you can only consolidate federal student loans into a federal loan consolidation.

If you are hoping to convert your private loans into federal loans to get on IBR or qualify for student loan forgiveness, you are out of luck.Those perks include income based repayment plans and student loan forgiveness.

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