Department of education consolidating federal loans bohemian speed dating
But depending on your situation and what kind of loans you have, you might be eligible for a different repayment plan or to get your loans forgiven.
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If you have federal loans, the Department of Education has free programs that could help, including: These options are free.
You can learn more at the Department of Education’s Student Aid.gov/repay or by contacting your federal student loan servicer. With private student loans, you typically have fewer repayment options, especially when it comes to loan forgiveness or cancellation.
Work-study is a need-based grant that requires you to work part-time while you’re in school.
Consolidation has important pros and cons to consider, especially since once your loans are combined into a Direct Consolidation Loan, they cannot be separated.When you consolidate your federal student loans, you get a Direct Consolidation Loan, which has a fixed interest rate for the life of the loan.The fixed rate is the weighted average of the interest rates on the loans being consolidated.Consolidating your student loans means combining multiple loans into one loan.
Typically, people consolidate their loans to simplify monthly payments or get new repayment terms.
You should make sure that it makes sense to consolidate your loans.