Consolidating defaulted perkins loan

You may be contacted by private companies that offer to help you apply for a Direct Consolidation Loan, for a fee. There’s no need to pay anyone for assistance in getting a Direct Consolidation Loan. The loans that were consolidated are paid off and no longer exist.

For example, if you have both Direct Loans and other types of federal student loans, and you have been making payments toward PSLF on your Direct Loans, you should not consolidate your Direct Loans along with your other loans.

You should assume when you take out a student loan that you will likely have to repay it at some point.

However, this does not mean that you have to accept the payment plan that the lender gives you.

The fixed rate is the weighted average of the interest rates on the loans being consolidated, rounded up to the nearest one-eighth of one percent.

There is no cap on the interest rate of a Direct Consolidation Loan.

If you select this option, you won’t have to begin making payments on your new Direct Consolidation Loan until closer to the end of the grace period on your current loans.

When you apply for a Direct Consolidation Loan, you don’t have to consolidate all of your eligible loans.

If consolidation would cause you to lose the benefits associated with some of your current loans and you are working toward earning those benefits, you should not include those loans in your new Direct Consolidation Loan.

The repaying out of default section has information about getting out of default through repayment.

Lenders are allowed to credit any payment received first to accrued late charges or collection costs, then to any outstanding interest, and finally to outstanding principal.

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You can complete and submit the application online, or you can download and print a paper application from Student for submission by U. The consolidation servicer will be your point of contact for any questions you may have related to your consolidation application.

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