Archive for the ‘Student Loan Consolidation’ Category

Consolidate Private Student Loans

By Michael Wai W

Just to let you know, you are not the only graduate who has to deal with multiple private student loans. It is difficult to manage your financial condition with multiple loans on your back and other expenses to take care of. How can you remedy the situation? Have you ever thought of [...]

Refinance Your Student Loans

Article by: Sarah Russell
If you’ve recently graduated from college, you’ve probably been bombarded with mailings and advertisements urging you to refinance (or consolidate) your student loans right away. But wait, what is loan consolidation? And why should you do it?
If you’ve just graduated from college, you’ve probably got a number of different student loans, all [...]

Private Student Loan Consolidation, Is There A Best One?

Article by Roger Guzman, M.D.
Private student loan consolidation cannot be generally mixed with federal student loans due to the low interest rate on the latter. However, there are several options open to refinance the private student loans by replacing them with another.
The main advantage of doing this is that instead of making several monthly payments, [...]

The Direct Consolidation Loan Program offers four repayment plans

The Direct Consolidation Loan Program offers four repayment plans with various term selections:

Standard Repayment Plan – Under this plan, you will pay a fixed amount of at least $50 each month for up to 10 to 30 years, based on your total education indebtedness. This plan may result in lower total interest paid when compared [...]

Federal education loans that are eligible for consolidation into a Direct Consolidation Loan

The following federal education loans are eligible for consolidation into a Direct Consolidation Loan:

Direct Subsidized and Unsubsidized Loans
Federal Subsidized and Unsubsidized Stafford Loans
Direct PLUS Loans and Federal PLUS Loans
Direct Consolidation Loans and Federal Consolidation Loans
Guaranteed Student Loans
Federal Insured Student Loans
Supplemental Loans for Students
Auxiliary Loans to Assist Students
Federal Perkins Loans
National Direct Student Loans
National Defense Student Loans
Health [...]

Can I delay processing of my consolidation application?

Yes, you can delay the processing of your Direct Consolidation Loan until closer to the end of your grace period end date if any of the loans you want to consolidate are in a grace period.
Normally, when you consolidate your existing loan(s) into a new Direct Consolidation Loan, you will be required to start repayment [...]

Can I Consolidate a Defaulted Loan?

Generally, Federal education loan(s) in default may be consolidated in a Direct Consolidation Loan if borrowers:
* Agree to repay the loan(s) under the Income Contingent Repayment Plan.
OR
* Make satisfactory repayment arrangements with the current loan holder(s).
If, before applying for consolidation, borrowers who want to completely clear the default notation from their credit records, they may [...]

Married couple may no longer obtain a Direct Consolidation Loan as joint borrowers.

Effective July, 1 2006 a married couple may no longer obtain a Direct Consolidation Loan as joint borrowers. Consolidate jointly with your spouse Effective July, 1 2006 a married couple may no longer obtain a Direct Consolidation Loan as joint borrowers.
Source: Department of Education

Can I consolidate an existing consolidation loan?

Yes, under three conditions:
Borrowers can consolidate existing consolidation loans into a new Direct Consolidation Loan if they include at least one other FFEL or Direct Loan into the new consolidation loan.
Borrowers can consolidate a single Federal Consolidation Loan if the loan is in default status or has been submitted to a guaranty agency for default [...]

Can I consolidate health professions loans?

Yes, With a Direct Consolidation Loan, borrowers can include certain health profession loans sponsored through the U.S. Department of Health and Human Services with other Federal education loans in their Direct Consolidation Loan. Borrowers must include at least one Direct Loan or Federal Family Education Loan (FFEL) Program loan in the Direct Consolidation Loan.

Eligible Health [...]

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