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05-Oct-2020 06:49

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Students also will need to complete a Perkins promissory note in order to receive a loan.Perkins borrowers are eligible for loan cancellation for teacher service at low-income schools and under certain other circumstances specified in the law ().Roughly 80% of student loan debt comes from federal loan programs.If you’ve ever used a debt consolidation loan to take care of credit card debt problems, you may think you understand how a Federal Direct Consolidation Loan works for student loan debt. You use a Federal Direct Consolidation to consolidate federal student loan debt into one easy payment.(Learn about Student Loan Repayment Plans.) One way to get out of default is with a Direct Consolidation Loan.In order to get out of default through a Direct Consolidation Loan, you must make satisfactory repayment arrangements—specifically, three consecutive monthly payments—on the loan first or agree to repay your new Direct Consolidation Loan under IBR, PAYE, REPAYE, or ICR.You start repaying the loan 60 days after the loan gets disbursed.

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Direct Consolidation Loans come with flexible repayment options, including a standard repayment plan, a graduated repayment plan, and an extended repayment plan, and in most circumstances an Income-Contingent Repayment (ICR) Plan, the Pay As You Earn Repayment Plan (PAYE), Revised Pay As You Earn Repayment Plan (REPAYE), and an Income-Based Repayment (IBR) Plan.The circumstances under which you can consolidate a loan or loans that have already been consolidated are limited.Banks and private lenders tend to encourage people to consolidate their federal student loans into a private consolidation loan—or to combine both federal and private student loans into a new, private consolidation loan—by promising “one low easy payment.” But consolidating your federal loans into a private loan is rarely a good idea.The rate is calculated based on the weighted average of the interest rates on the loans being consolidated, rounded up to the nearest one-eighth of a percent.

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So, the interest rate on your new Direct Consolidation Loan might be higher or lower than the interest on your loans before consolidation.

And, as noted earlier in this article, borrowers who are in default must meet certain requirements before they can consolidate.