Benefits consolidating direct loans

25-Dec-2019 17:36 by 5 Comments

Benefits consolidating direct loans

You can combine both federal and private education debt when refinancing and you’ll receive a new (often lower) interest rate based on your credit history determined by your new lender.

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Back to Top Consolidating student loans will put all your existing loans into the Federal Direct Loan Program with the Department of Education.

Can consolidate my loans or apply for government programs myself? You can certainly contact the Department of Education and see what programs you qualify for and apply.

We find that many consumers prefer to work with our company since we have expertise work on their behalf to educate them about the programs available to them and streamline the process to get them in the pest programs for their situation.

Additionally, with Earnest’s Precision Pricing, you can match your desired payment with a desired term in order to create a personalized payment plan that works for your budget.

If refinancing is for you, get started with our two-minute Quick Rate here. Our Client Happiness specialists are available by phone at (888) 601-2801 and by email at [email protected]

We’d like to provide some clarity to for those of you trying to understand the difference and asking questions such as: Consolidation allows a borrower to combine two or more federal loans into one.

When dealing with education loans, consolidation refers to the Direct Consolidation Loan program, an option offered only by the federal government.

Understanding all the benefits will help you make a good financial decision.

Here is an overview of some of the many benefits: Consolidation may not be the best option for everyone.

I am already consolidated, can I consolidate again? Can I delay my application so I dont lose my grace period? Will consolidating clear the default notation from my credit? This allows your payment to be based on your annual income, which often times will allow you to qualify for a very small payment and in some cases even a payment amount of zero.

Can I consolidate if I am currently enrolled in school? There are multiple plans to repay your student loan, one of which is the Income Based Repayment Plan.

With a Direct Consolidation Loan, you can only consolidate your federal student loans, not private, and your new interest rate will not decrease.

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