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Author: admin | Category: Loan Car Calculator | Date: 26.05.2014

Consolidating federal student loans can be a savvy way to manage payments, but comes with a couple caveats. While the federal program allows students loan borrowers to consolidate their loans for streamlined payments, it comes with benefits and drawbacks.
Consolidating multiple loans can be a smart decision for some borrowers to stay on top of their payments since it bundles multiple loans into one single loan – simplifying repayment.
Direct loan consolidation allows borrowers to take advantage of different income-based repayment programs, which can lead toward loan forgiveness, depending on the borrower’s repayment and circumstances.
But unlike some private loan consolidations, direct doesn’t offer lower interest rates through consolidation. Under the program, a borrower can consolidate subsidized and unsubsidized Stafford loans, Supplemental Loans for Students, Federally Insured Student Loans, PLUS loans, direct? loans, Perkins loans and just about any other type of federal student loan.
Direct consolidiation also allows borrowers to retain many of the unique benefits of a federal student loan along with? other consumer protections such as forbearance or deferment, experts say.
The borrower receives a weighted interest average on the prior loans under the consolidated one, rounded up by one-eighth of 1 percent.
So a borrower isn’t able to make two separate direct consolidations during that time, he says. This includes older federal consolidated loans under Federal Family Education Loans, called FFEL, which existed before direct’s introduction in 2010. If a borrower reconsolidates a direct loan, they reset the clock on qualified payments toward loan forgiveness, Demeester? says. Someone can strategize this way?: A borrower with a FFEL consolidated loan, for instance, that has a lower interest rate can keep that loan separate and move the other federal loans to direct consolidation. The Department of Education’s Pay As You Earn, or PAYE, income-driven program is only available under direct and to newer borrowers who took out loans after October 2007. Depending on whom you ask, the prospect of a Trump presidency or a Clinton one conjures up fear and dread, keeping countless adults up at night.

In July, the Department of Education announced changes to its federal student loan servicer team, meaning borrowers may soon see their loans transferred to different companies. Though the Education Department hopes the transition will go smoothly, as stated in the announcements, those with student loans may want to take a proactive approach to the changes. Many services, like automatic payments and correspondence preferences, will not carry over to the new servicer. Sign up for our Credit Report Card and receive the latest tips & advice from our team of 50+ credit and money experts as well as a FREE Credit Score and action plan. Comments on articles and responses to those comments are not provided or commissioned by a bank advertiser. Please note that our comments are moderated, so it may take a little time before you see them on the page.
The new rate can be calculated by multiplying the interest rate with each loan, summing all of that and then dividing by the total loan balances.
But older borrowers with federal student loans, such as those with Stafford loans, can qualify for Revised Pay As You Earn, known as REPAYE, under direct loan consolidation. For the purposes of the federal student loan program, 10 years working for the government or most nonprofits qualifies.
With the end of a contract with the Direct Loan Servicing Center (ACS), loans will be transferred to FedLoan Servicing (PHEAA), Great Lakes Educational Loan Services, Nelnet and Sallie Mae during the next several months, a July 12 announcement said. Accounts with COSTEP, EDGEucation Loans and EdManage will be transferred to MOHELA; KSA Servicing loans will be transferred to Aspire Resources Inc. Minsky, a Boston lawyer specializing in student loan law, said he has had several people contact him as they receive transfer notification.
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When a borrower consolidates federal student loans under direct, the government exchanges their prior loans for? a single ?consolidated loan. Unlike most student loans that default to a 10-year standard plan, the terms on a consolidated loan range from seven to 30 years, depending on the balance and repayment schedule. PSLF eliminates, or forgives, federal student loans for borrowers employed full time in an eligible public service or nonprofit job who make 120 eligible on-time payments. Consolidating loans that are in default can be quicker than rehabilitating multiple loans, experts say.
The July 26 announcement says the loan-servicing platform used by the four nonprofit servicers will no longer be available. The website does not include all financial services companies or all of their available product and service offerings. These deferred times include being enrolled in graduate school, volunteering with the Peace Corps, and serving in the military.
Do it now, start saving with your student loan consolidation.There are many great reasons you should consolidate your student loans. When looking into Student Loan Companies USA for help, remember that not all Student Loan Debt Consolidation Companies are created equal. The basic idea of your student loan consolidation is to take all the different loans that you may have applied for and received make it all one convenient, easy to manage loan.
Scholarships and grants for college students are some of the best ways to take care of those bills.

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