Who do i contact about consolidating my student loans
But the loan structure, interest rate and how you qualify varies greatly from other types of consolidation loans.
This guide is designed to help you fully understand how these loans work.
You can also pay the balance off faster if you have the funds without penalties.
Direct consolidation restrictions and additional notes As described above, one of the benefits of consolidating this way is that it immediately brings defaulted debt current so you can qualify for Federal Repayment Plans.
Consolidating debt is generally done to simplify debt repayment.This is something to consider if you’re behind but have a goal to minimize credit damage as much as possible.If that’s the case, you may prefer to try bringing all of your loans current with consecutive payments.If you have federal loans in default, it means you aren’t eligible for Federal Repayment Plans or Public Service Loan Forgiveness.
You also aren’t eligible for any new financial aid if you need to continue your education.And yes, Federal Direct Consolidation Loans can be re-consolidated with a new Federal Direct Consolidation Loan as long as you have at least one new Direct loan included in the mix.