An Introduction To Consolidation Direct Federal Loan Student

An Introduction To Consolidation Direct Federal Loan Student



An Introduction to​ Consolidation Direct Federal Loan Student
Education is​ getting costlier day by day and it​ is​ a​ common phenomenon to​ see graduates leaving a​ university with a​ load of​ debt along with their degrees.
Most will need a​ consolidation direct federal loan student since managing a​ number of​ student loans is​ quite tough on​ a​ fresher's salary.
Most of​ these loans repayment plans are designed keeping in​ mind your potential salary which you​ might get after four to​ five years of​ passing out.
In case you​ are finding it​ difficult to​ pay back and manage your numerous loans,​ then applying for a​ student loan consolidation is​ a​ good option.
Student consolidation loans can be broadly divided into two ---Direct Loan Consolidations and FFEL Consolidation Loans.
While Direct Federal Student Loan Consolidations are offered by US Department of​ Education,​ FFEL consolidation loans are offered by lending agencies and banks etc.
There are three types of​ Federal Direct Consolidation Loans for Students:
Direct Subsidized Consolidation Loans
Direct Unsubsidized Consolidation Loans
Direct PLUS Consolidation Loans.
If your student loans fall within any or​ all of​ these categories,​ then you​ can avail of​ one single consolidation loan.
Federal consolidations can help you​ get your finances in​ order by simplifying your loan repayment options to​ a​ large extent.
This is​ because any federal loan consolidation scheme lets you​ club all your student loans together .​
So you​ are left with just one single installment to​ be paid per month and this too comes with a​ non flexible interest rate.
The interest rate of​ your consolidation loan is​ determined as​ the​ average of​ the​ interest rates of​ all your outstanding loans that you​ are getting consolidated.
It is​ a​ fixed rate of​ interest and can go only up to​ a​ maximum of​ 8.25% only .​
You can get your student loans consolidated even if​ you​ have already defaulted on​ some of​ your loan payments,​ provided you​ are able to​ meet certain eligibility criteria.
In case you​ want to​ avail of​ a​ consolidation direct federal loan student,​ then you​ can contact the​ Direct Loan Origination Center’s Consolidation Department in​ order to​ find out more about it.
If you​ want to​ avail an​ FFEL loan,​ then the​ agency granting you​ the​ loan should be able to​ furnish you​ with detailed information about availing the​ loan.




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