Consolidating debt thru the federal gov


18-Sep-2017 12:27

Once your consolidation loan is approved and paid out, your first payment on the new loan will be due within 60 days.Keep making payments on your old loans until your consolidation is finalized, unless any of your loans are in deferment, forbearance or a grace period.If you’re currently in default on any loan you want to consolidate, special conditions apply.The loan must not be in collections, and you must either make three consecutive monthly payments to get current first, or choose one of the income-linked repayment plans when you consolidate.You do this by taking out a new loan for the amount of the balances of the existing loans, use the newly borrowed money to repay all the older loans, and then focus on repaying your one new loan.

Finally, while a federal consolidation loan retains your access to federal student loan benefits such as interest-free deferment on subsidized loans, it might not offer you the lowest interest rate.

After you graduate, leave school or drop below half-time enrollment – in other words, once you enter your loan’s grace period or repayment period – you become eligible for federal student loan consolidation.



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