Consolidating all my student loans

In most cases when you are consolidating out of default, the lender will add collection costs to the new loan balance.This should be no more than 18.5% of the outstanding principal and interest.An interruption in this consecutive period is allowed for qualifying military service members or affected civilians.

consolidating all my student loans-70consolidating all my student loans-31

While they are collecting the information needed to make the monthly payment calculation, the Department may ask you to pay an initial amount that covers the monthly interest.

If you cannot afford this payment, you may request a forbearance that will last until you are notified of your actual payment.

If you would like to add other eligible loans, your servicer must receive your Request to Add Loans Form within 180 days from the date your Direct Consolidation Loan is completed (originated).

If you choose Nelnet to originate and service your Direct Consolidation Loan, you may request to add other eligible loans to it by completing the Request to Add Loans Form and send it to Nelnet via email Direct Loan [email protected], or mail to: Nelnet P.

Before you consolidate, consider the following pros and cons: Note: Just remember, you must continue making payments after submitting your application until you receive notice from your servicer that underlying loans have been paid off.

You have the option to select the servicer of your choice (of which, Nelnet is an option) After your new Direct Consolidation Loan is complete, you may still add more eligible loans to your existing consolidation.See the programs for military section of this site for information about other options for military service members and certain civilians affected by war or national emergencies.Parent PLUS borrowers who also have other federal student loans and choose to consolidate with Direct will find that the PLUS loan taints the entire consolidation loan and will mean that they will not be eligible to repay the consolidation loan using IBR.You are eligible to consolidate with the Direct Loan program as long as you have at least one FFEL or Direct Loan.Direct Consolidation allows defaulted borrowers to make three consecutive reasonable and affordable monthly payments or agree to pay under Income Driven Repayment.You will no longer be listed as currently in default on your credit records, and no longer subject to tax intercepts, garnishments, or other collection efforts.

Tags: , ,