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Us department of education consolidating student loans

The goal with this process is not only to get the ease of a single payment, but to receive a lower interest rate based on your financial history.Consider refinancing if you have: Refinancing federal loans into a private loan means losing consumer protections specific to federal loans.What is the most important is to become educated about your loans, what programs exist to help you, and then to take action on what you determine to be the best for your particular situation?

People who are working in the public sector or taking advantage of federal debt relief programs such as income-based repayment or public service forgiveness may not want to refinance, as these programs do not transfer to private refinance loans.

Consolidating student loans via refinancing is best for people whose financial position - in terms of employment, cash flow, and credit - has improved since they graduated from school.

Consolidation gives you the opportunity to choose one of the U. Department of Education's consolidation servicers (of which, Great Lakes is one) to complete and service your Direct Consolidation loan.

You don't have to pay for student loan services or advice.

A student loan consolidation takes the borrowers loans and combines all the loans into one new loan with one lender, and one weighted average interest rate.

This removes the burden from the borrower of trying to keep track of many different loans, with different lenders, balances, and interest rates.

Consider federal consolidation if you: Your new fixed interest rate will be the weighted average of your previous rates, rounded up to the nearest one-eighth of 1%.

You’ll get a new loan term between 10 and 30 years, depending on your balance. A longer term also will result in paying more in interest.

Although the program existed since then, it was not until President Obama’s budget in 2010 switched all new student loan lending over to the Direct Loan program.

This is part of the reason why many people refer to it as the Obama Student Loan Forgiveness program.

Comments Us department of education consolidating student loans

  • Getting Out of Default - Federal Student Aid - U. S. Department of.
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    Note “My Federal Student Aid” will not include information about any private student loans you may have received. Contact the. A federal loan made by the U. S. Department of Education that allows you to combine one or more federal student loans into one new loan.…

  • Consolidating federal student loans
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    Consolidation allows you to put all of your loans together and make just one monthly payment. This is not as useful as it used to be for most borrowers since nearly all new federal loans are made through the Direct Loan program. The Department of Education says it is trying to place borrowers with multiple Direct loans with.…

  • Federal Direct Consolidation Loan Application. - StudentLoans.gov
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    Borrowers who want to consolidate their federal student loans. Note There is no application fee to complete a Direct Consolidation Loan application. You may be contacted by private companies that offer to help you consolidate your loans, for a fee. These companies have no affiliation with the U. S. Department of Education.…

  • Consolidate or Refinance Your Student Loans — NerdWallet
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    Feb 22, 2018. Federal student loan consolidation can lower and streamline your bills. But student loan refinancing or income-driven repayment may reduce your payments even more. Calculate how much you'd pay under each option.…

  • Student Loans, Forgiveness U. S. Department of Education
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    Jan 12, 2018. I already have a loan. Repaying loans. Income Based Repayment IBR plan. Loan Consolidation. Defaulted student loans. Student loan forgiveness. Public Service Loan Forgiveness PSLF; Stafford Loan Forgiveness Program for Teachers. Defer student loans. Cancel student loans. Loan Servicers.…

  • Loan Consolidation - Federal Student Aid - U. S. Department of.
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    There is no application fee to consolidate your federal education loans into a Direct Consolidation Loan. You may be contacted by private companies that offer to help you apply for a Direct Consolidation Loan, for a fee. These companies have no affiliation with the U. S. Department of Education ED or ED's consolidation.…