Consolidating subsidized and unsubsidized stafford loans carbon dating questions

21-Mar-2016 04:28

WARNING: It is very dangerous to consolidate federal loans into a private consolidation loan.

You will lose your rights under the federal loan programs once you choose to consolidate with a private lender.

There are numerous problems that can ariseā€“for example, if one of the divorced ex-spouses wants to apply for IBR.

The Department says that borrowers with joint consolidation loans may repay under the IBR/PAYE plan as long as both spouses qualify with partial financial hardships.

Both spouses are jointly liable for the loan and both must request IBR.

Problems often arise if the ex-spouses are no longer in contact.

(see box below), You can consolidate during grace periods.

This may lead to a lower interest rate on a Direct Consolidation loan, but only if you are consolidating variable rate loans. You will generally receive your first bills within 60 days after the new Direct Consolidation loan is made.

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(Click espanol to find a Spanish version of the on-line application). Be sure to meet the deadline for responding if you think there are problems with the consolidation or if you have decided you do not want to go forward.

You can consolidate all, just some, or even just one of your student loans.

Consolidating federal student loans may be a good strategy to lower monthly payments or to get out of default, but it is not always a good idea.

This may be a good idea if you want a single monthly payment.

You may also be able to get a better deal if, for example, your credit score is better now than it was when you first took out the private loans.

(Click espanol to find a Spanish version of the on-line application). Be sure to meet the deadline for responding if you think there are problems with the consolidation or if you have decided you do not want to go forward. You can consolidate all, just some, or even just one of your student loans.Consolidating federal student loans may be a good strategy to lower monthly payments or to get out of default, but it is not always a good idea.This may be a good idea if you want a single monthly payment.You may also be able to get a better deal if, for example, your credit score is better now than it was when you first took out the private loans.Consolidation loan borrowers should not be charged origination fees.