Best answer
Enter which loans you do 鈥?and do not 鈥?want to consolidate.Choose a repayment plan. You can either get a repayment timeline based on your loan balance or pick one that ties payments to income. …Read the terms before submitting the form online. Continue making student loan payments as usual until your servicer confirms consolidation is complete.
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How to consolidate federal student loans?
How to consolidate federal loans 1 Enter which loans you do 鈥?and do not 鈥?want to consolidate. 2 Choose a repayment plan. You can either get a repayment timeline based on your loan balance or pick one that ties… 3 Read the terms before submitting the form online. Continue making student loan payments as usual until your servicer… More …
How long does it take for student loan consolidation to start?
Your repayment term will generally start within 60 days of when your consolidation loan is first disbursed and will be based on your total federal student loan balance, among other factors. Should I consolidate my student loans?
What is a Direct Consolidation Loan?
A Direct Consolidation Loan allows you to consolidate multiple federal education loans into one loan at no cost to you. Through your completion of the free Federal Direct Consolidation Loan Application and Promissory Note, you will confirm the loans that you want to consolidate and agree to repay the new Direct Consolidation Loan.
Should you choose income-driven repayment or student loan consolidation?
If you鈥檙e considering either federal or private student loan consolidation in order to get a drastically lower loan bill, look further into income-driven repayment instead. The government offers plans that cut payments to 10% or 15% of 鈥渄iscretionary鈥?income and offer forgiveness on the remaining balance after 20 or 25 years.