Consolidating my college loans
Consolidating my college loans - what to know about dating a black man
Consolidating federal student loans may be a good strategy to lower monthly payments or to get out of default, but it is not always a good idea.As you weigh the pros and cons, keep in mind that timing is critical.
You can consolidate all, just some, or even just one of your student loans.The Department says that borrowers with joint consolidation loans may repay under the IBR/PAYE plan as long as both spouses qualify with partial financial hardships.Both spouses are jointly liable for the loan and both must request IBR.With just a few exceptions, you get only one chance to consolidate with the government loan programs.WARNING: It is very dangerous to consolidate federal loans into a private consolidation loan.However, the interest rate may be greater than 8.25% if your consolidation application was received on or after July 1, 2013.
Consolidation loan borrowers should not be charged origination fees.If you already have a consolidation loan with either FFEL or Direct, you are not allowed to “reconsolidate’, except in limited circumstances.These circumstances are: Borrowers cannot consolidate private student loans with the federal consolidation loan programs.The electronic application consists of five steps: 1. If may make this choice on-line or if you are sending in a paper application, you should send directly to the servicer you choose. The Department provides some general information about servicer performance in the on-line data center and quarterly performance reports. There are still many borrowers struggling with joint consolidation loans.There are numerous problems that can arise–for example, if one of the divorced ex-spouses wants to apply for IBR.The Department provides the following contact information if you have questions: If necessary, you can also try calling the general Student Loan Support Center at 1-800-557-7394. Both borrowers had to agree to be jointly and severally liable for repayment.