Consolidating student loans into direct loan
Consolidating student loans into direct loan - dating site marketing strategies
Sometimes, consolidation really is a magic bullet, allowing you to reduce interest rates, package up a bunch of small loans into a much more convenient single large loan, and end up saving you money both in monthly payments and in the long-run, but this is rarely the case.To determine if a Direct Consolidation Loan is right for you, you’ll need to analyze your options, speak with your lender (or lenders) and make some calculations to figure out how consolidation will affect your finances.
All loans in grace periods, or which have repayment status, are eligible for consolidation, and loans in deferment or forbearance periods count as being in repayment.
In fact, I’d bet that MOST of the student loan consolidators are total scam operations, so you’ll want to be extremely careful about who you choose to consult with.
Fortunately, I can give you one number that I am 100% certain you can trust: the Student Loan Relief Helpline.
You do not necessarily have to already have a Direct Loan in order to qualify for receiving a Direct Consolidation Loan. This is an extremely important point to keep in mind, and one that many people seem to miss.
Direct Consolidation Loans can only include loans that were Federally-funded, meaning loans that were provided through one of the Federal Government’s student loan programs.
Virtually all Federally-funded student loans are eligible for the Direct Consolidation Loan program, including: No.
As we mentioned above, it is possible to get a Direct Consolidation Loan as long as you have at least one FFEL program loan.
There is no cap on the interest rate of a Direct Consolidation Loan.
Please note that there is currently no way to Refinance Federal Student Loan Debt, but that there are multiple bills in Congress (including Senator Warren’s Student Loans Bill) seeking to address this issue.
When you consolidate federal student loans, that means you’re combining multiple student loans into a single, larger loan, which simplifies your monthly payments (leaving you with only one instead of multiple monthly payments).
Federal loan consolidation offers a variety of potential benefits, including: Don’t fall for the scams out there offering to consolidate your Federally-funded student loan debt for a low price, like 0, or even 0.
The hardest part of the Student Loan Consolidation process is making sure that you’re doing the right thing, and in the right way, and that’s what a debt relief expert can assist you with.