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Posted by / 14-Nov-2019 22:17

Consolidating college loan money

Repayment of a Direct Consolidation Loan will begin within 60 days after the loan is disbursed (paid out).Your loan servicer will let you know when the first payment is due.A Direct Consolidation Loan allows you to consolidate (combine) multiple federal education loans into one loan. Similarly, if you have Federal Perkins Loans and you are employed in an occupation that would qualify you for Perkins Loan cancellation benefits, you should not include your Perkins Loans when you consolidate.The result is a single monthly payment instead of multiple payments. Leaving out your Direct Loans or Perkins Loans will preserve the benefits on those loans.The selling companies make a little money; perhaps less than they would have if they'd kept the loan through its whole period, but still something of a profit.The new company now has a series of debts that need to be paid -- but remember, they bought the debts for a discount price.Direct PLUS Loans received by parents to help pay for a dependent student’s education cannot be consolidated together with federal student loans that the student received.A Direct Consolidation Loan has a fixed interest rate for the life of the loan.

From there, you can either complete and submit the feedback form or select “Additional Information” and contact the Student Loan Support Center at the phone number provided.The fixed rate is the weighted average of the interest rates on the loans being consolidated, rounded up to the nearest one-eighth of one percent.There is no cap on the interest rate of a Direct Consolidation Loan.i HELP Private Student Loans There are many ways for students and their families to pay for college.After taking advantage of possible federal loans, grants, scholarships and any personal contributions, there may still be a gap to cover.

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