Closed school discharge Georgia

Student Loan Consolidation

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Is it true that you are having a hard time managing various federal student loan payments, with several interest rates or numerous servicers? If it is true, now might be the right opportunity for loan consolidation. The U.S. Department of Education brought off the landmark decision to let you pick your consolidation servicer under the Direct Consolidation Loan program.

How the Program Works?

Direct Consolidation Loan lets you consolidate several federal education loans into a single one, free of cost. By virtue of your completion of the stipulated Application and Promissory Note, you will affirm the loans that you choose to consolidate and consent to pay off the new obligation. Once the consolidation is finished, you will have a solitary monthly payment on the new Direct Consolidation Loan rather than several payments

You will be requested to select a repayment plan of your choice. You ought to understand the nitty-gritty of the on offer repayment plans before you make a determination.

What are the Requirements?

You should have no less than one Direct Loan or FFEL Program loan.

The loan you have taken out should be in grace period or in repayment.

To consolidate a loan in default you must put in place a repayment arrangement with your servicer, or choose to pay off the new loan under:

Income-Based Repayment (IBR) Plan,

Pay As You Earn Repayment (PAYE) Plan,

Revised Pay As You Earn (REPAYE) Plan, or

Income-Contingent Repayment (ICR) Plan.

What About Interest Rate?

In the Direct Consolidation Loan the rate of interest is fixed only once. That rate applies for the life of the loan. The rate is fixed by taking the weighted average of the multiple interest rates on your several consolidated loans.

In case you have questions regarding consolidating your federal education loans before you apply, contact our student loan servicing advisor.

Don’t let student loan debt hold you back!

Request a free consultation today