The sooner your payments start counting toward the ten year cancellation period, the better, or Military service members are also allowed to re-consolidate to take advantage of the limits on interest accrual for Direct Loans. To ask questions about consolidating your loans before you apply for a Direct Consolidation Loan, contact the Loan Consolidation Information Call Center at Parent PLUS borrowers who also have other federal student loans and choose to consolidate with Direct Loans will find that the PLUS loan taints the entire consolidation loan and will mean that they will not be eligible to repay the consolidation loan using income-driven repayment. You will generally receive your first bills within 60 days after the new Direct Consolidation loan is made. Extending the length of repayment increases the total amount you have to repay over the life of the loan. This is most clearly a problem if you consolidate federal loans into a private consolidation loan you would lose the rights associated with federal loans. Consolidation might help you if you need to reduce payments on your loan through an extension of the repayment period. You may consolidate with Direct Loans during grace periods , once you have entered repayment, or during periods of deferment or forbearance. Repayment Plan Selection 4. Congress also eliminated joint consolidation for spouses, effective July 1,
You can indicate this when you apply, and the consolidation servicer will wait to process your application until the appropriate time. Click espanol to find a Spanish version of the on-line application. The sooner your payments start counting toward the ten year cancellation period, the better, or Military service members are also allowed to re-consolidate to take advantage of the limits on interest accrual for Direct Loans. It is a good idea to do this even if you just think that you might want to use the public service cancellation program. The Department of Education says it is trying to place borrowers with multiple Direct loans with a single servicer. Federal Government Consolidation Loans Direct consolidation loans are now the only type of federal student consolidation loan. You may get an interest rate break, especially if you have variable rate loans. Loans that are not eligible for consolidation include state or private loans that are not federally guaranteed. The fixed rate is based on the weighted average of the interest rates on the loans at the time of consolidation, rounded up to the nearest one-eighth of a percentage point. If you have an eligible loan that was not included in the first consolidation and you include that loan in the new consolidation. Be sure to meet the deadline for responding if you think there are problems with the consolidation or if you have decided you do not want to go forward. With just a few exceptions, you get only one chance to consolidate with the government loan programs. You must select a servicer. As you weigh the pros and cons, keep in mind that timing is critical. The electronic application consists of five steps: Both borrowers had to agree to be jointly and severally liable for repayment. If you submitted a paper application by U. This is most clearly a problem if you consolidate federal loans into a private consolidation loan you would lose the rights associated with federal loans. You can consolidate all, just some, or even just one of your student loans. This means, for example, that a Perkins Loan on its own cannot be consolidated into a Direct Loan. The Department strongly encourages borrowers to apply on-line, but you may also download and print a paper application to submit by regular mail. Consolidation loan borrowers should not be charged origination fees. However, the interest rate may be greater than 8. However, if you have private loans, you may want to think about consolidating these loans into a new private consolidation loan. Congress also eliminated joint consolidation for spouses, effective July 1, Consolidation might help you if you need to reduce payments on your loan through an extension of the repayment period.
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