Advice on consolidating student loans
The good news is that federal loans carry a six-month grace period so there is time to develop a plan for dealing with them.
One of the best places to start looking is the federal Direct Consolidation Loan program.
Top Borrowers have different needs, so there are several repayment plans—including income-driven repayment plans, which base your monthly payment amount on your income and family size.Unless the loans you want to consolidate are in a deferment, forbearance, or grace period, it’s important for you to continue making payments on those loans until your consolidation servicer tells you that they have been paid off by your new Direct Consolidation Loan.top This depends on where you are in the consolidation process.You’ll select a repayment plan when you apply for a Direct Consolidation Loan. Top You apply for a Direct Consolidation Loan through Student After you submit your application electronically at Student or by mailing a paper application, the consolidation servicer you selected will complete the actions required to consolidate your eligible loans.You can complete and submit the application online, or you can download and print a paper application from Student for submission by U. The consolidation servicer will be your point of contact for any questions you may have related to your consolidation application.
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allows you to consolidate (combine) multiple federal education loans into one loan. Direct PLUS Loans received by parents to help pay for a dependent student’s education cannot be consolidated together with federal student loans that the student received.