WHAT IS A DIRECT CONSOLIDATION LOAN?
A Direct Consolidation Loan is an option that combines all of your individual subsidized and unsubsidized Federal Student Loans into one single loan at a fixed interest rate. Using this method gives you the ability to pay all of your student debt through a single loan instead of having multiple loans.
1.Having only have one loan to keep track of.
2.Convenience of only needing to make one student loan payment each month.
3.May save money with a single, low fixed interest rate.
4.May be able to adjust the repayment plan to make paying off the student loan debt less burdensome.
5.May qualify for a renewed student loan deferment period.
Consolidating your loan usually takes about 30-90 days to complete after applying.
No, the Department of Education does not require a credit check to qualify or apply for consolidation of your federal student loans.
Yes as long as you are a graduate student borrowing with Federal Stafford Loans, Graduate PLUS Loans or any other federal student loan option.
Federal Student Loan Forgiveness Programs are programs issued by the federal government that forgive certain students of part or even all of their remaining student loan debt.
Student loan forgiveness is handled on a case-by-case basis and depends on a number of factors. Some of these factors include location, vocation, tax filing status, number of dependents, current income, and even the remaining balance of your federal student loans.
Contact us to see if you qualify for a federal loan forgiveness program.
There are a ton of Federal Loan Forgiveness Programs out there. Here are just a few:
1.Forgiveness based on an income-driven plan
2.Federal Perkins Loan cancellation
3.Loan forgiveness for nurses, health professionals, public servants, teachers and military personnel.
In most cases, you can usually get out of a default status within 4 to 8 weeks
Student loans become delinquent after the first missed payment. If this continues longer than 270 days, the student loans are considered in default. Defaulting on student loans can drastically affect your financial future by:
1.Preventing you from receiving financial aid
2.Keeping you from getting hired for work
3.Losing your professional licenses
4.Being declined for new loans
5.Paying higher interest rates
6.Declined for new utility services
7.Losing up to 25% of your paycheck
8.Losing your Federal Income Tax Refund
9.Seriously affecting your credit score
The application process for student loan forgiveness takes anywhere from 60 to 90 days depending on a number of factors. Once enrolled into a student loan forgiveness program, the forgiveness process can take anywhere from 10 to 25 years depending on circumstances.