Re consolidating federal student loans

19-Sep-2016 20:20

The main reasons to consider student loan consolidation are: Depending on your circumstances, these may or may not be that interesting to you.If you’re not worried about rising interest rates, for example, then you might not care about getting a fixed rate.Also, for student loan borrowers with older loans, consolidation can make you eligible for newer repayment plans that may be more favorable.

Direct Consolidation Loans are the end result of a loan consolidation process.

If you’re contacted by anyone offering to consolidate your loans for a price, you should know that you are not speaking with an approved U. Department of Education consolidation servicer, and you should not provide them with any of your personal information.

Everything that these companies claim to be able to do for you can be done entirely on your own, without spending a single cent, so don’t waste money on their scams!

Unfortunately, in order to be eligible for Public Service Loan Forgiveness on your Federal Direct student loans, you have to be enrolled in an eligible repayment plan and consistently making on-time payments.

Typically, consolidation is the best option of getting out of default quickly, as you’re able to move directly into an Income-Driven Repayment plan and can immediately start building credit towards Public Service Loan Forgiveness if you’re eligible.

Direct Consolidation Loans are the end result of a loan consolidation process.

If you’re contacted by anyone offering to consolidate your loans for a price, you should know that you are not speaking with an approved U. Department of Education consolidation servicer, and you should not provide them with any of your personal information.

Everything that these companies claim to be able to do for you can be done entirely on your own, without spending a single cent, so don’t waste money on their scams!

Unfortunately, in order to be eligible for Public Service Loan Forgiveness on your Federal Direct student loans, you have to be enrolled in an eligible repayment plan and consistently making on-time payments.

Typically, consolidation is the best option of getting out of default quickly, as you’re able to move directly into an Income-Driven Repayment plan and can immediately start building credit towards Public Service Loan Forgiveness if you’re eligible.

Do some extra homework if you have Perkins loans, or if you’re still in school.