Us department education consolidating student loans

Make nine out of 10 on-time payments using the same formula as Income-Based Repayment, which would cap your monthly payment to 15 percent of your income or less.For many borrowers, this is the most practical option for getting out of default.Parent PLUS loans are only eligible for the income-contingent repayment plan, but you have to have a Direct Consolidation first.Parent PLUS loans are excluded from most benefits provided by the federal government, but if you consolidate these loans, you’ll become eligible for income-contingent repayment and Public Service Loan Forgiveness.Understanding all the benefits will help you make a good financial decision.Here is an overview of some of the many benefits: Consolidation may not be the best option for everyone.

Also, for student loan borrowers with older loans, consolidation can make you eligible for newer repayment plans that may be more favorable.To consolidate a federal student loan, you’ll be asked to make at least three voluntary consecutive on-time payments on the defaulted loan.If you don’t want to make three voluntary payments, you can still consolidate your loans if you agree to enter into an income-driven repayment plan. To rehabilitate a federal student loan, you and the Department of Education must reach an agreement on a “reasonable and affordable” repayment plan in which you’ll have to make nine out of 10 on-time payments.Here is what you need to do and be aware of in the rehabilitation process: It is incredibly common for debt collectors to tell you that you have to pay a certain amount — often one that goes beyond what you can afford — and this is wrong, and now illegal.As of July 1, 2014, there are new regulations governing how you rehabilitate your loans, and allow you to pay as little at a month to rehabilitate your student loan.

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