Department education consolidating federal loans gamer dating service


29-Apr-2016 18:08

Depending upon the total balance you are consolidating, you may extend the repayment period for up to 30 years with consolidation.The extended period makes the monthly payment amount more manageable; however, the longer your loans are in repayment, the more interest you will pay over the life of the loan.Maximum Loan Amount: None Interest Rate: Weighted average interest rate on the loans being consolidated, rounded to the nearest one-eighth of 1 percent, not to exceed 8.25 percent.Currently, the interest rate is fixed for the life of the loan.Federal student loan consolidation basics How to consolidate federal student loans Benefits of federal consolidation Drawbacks of federal consolidation Private student loan consolidation (student loan refinancing) When you consolidate federal loans, the government pays them off and replaces them with a direct consolidation loan.You’re generally eligible once you graduate, leave school or drop below half-time enrollment.Although the program existed since then, it was not until President Obama’s budget in 2010 switched all new student loan lending over to the Direct Loan program.This is part of the reason why many people refer to it as the Obama Student Loan Forgiveness program.

This removes the burden from the borrower of trying to keep track of many different loans, with different lenders, balances, and interest rates.Consolidating your federal loans through the Department of Education is free; steer clear of companies that charge fees to consolidate them for you.