Consolidating student loans 2016 obama
More than 44 million borrowers owe
More than 44 million borrowers owe $1.4 trillion in student loan debt in 2017.Most of them could streamline the repayment process by consolidating their student loans. Get Help With Your Student Debt It simplifies repayment and could save you money.It is quite common for people with student loans to deal with 10-12 lending institutions, which means 10-12 payments and 10-12 due dates each month.When you consolidate Loan consolidation for student loans was created to make it easier for millions of borrowers to pay off their debt.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.Ideally, you would qualify for debt consolidation after graduation.However, you also could qualify when you leave school or are enrolled less than half-time.||
More than 44 million borrowers owe $1.4 trillion in student loan debt in 2017..4 trillion in student loan debt in 2017.
There is no application fee to consolidate your federal education loans into a Direct Consolidation Loan. Department of Education (ED) or ED’s consolidation loan servicers. Once your loans are combined into a Direct Consolidation Loan, they cannot be removed.
Both federal and private lenders recognize that lower monthly payments help may be the best option, if you don’t get the job you want immediately after graduating from colleges.
Find out more about the choices debt consolidation offers.
When you apply for a Direct Consolidation Loan, you don’t have to consolidate all of your eligible loans.
If consolidation would cause you to lose the benefits associated with some of your current loans and you are working toward earning those benefits, you should not include those loans in your new Direct Consolidation Loan.