Sentences with phrase «consolidation loan borrowers»

If you make three voluntary, on - time, full monthly payments before consolidating, you can choose from any of the repayment plans available to Direct Consolidation Loan borrowers.

-- Other servicing news: The Education Department will soon allow consolidation loan borrowers to choose their own servicer.

If you make three voluntary, on - time, full monthly payments before consolidating, you can choose from any of the repayment plans available to Direct Consolidation Loan borrowers.

Not exact matches

Loan consolidation is a good option for some people, but it doesn't work for everybody and may not be available to all borrowers, Loonin said.

Consolidation may also cause you to lose certain borrower benefits — such as interest rate discounts, principal rebates, or some loan cancellation benefits — that are associated with your current loans.

As much as two - thirds of online lending portfolios that have been sold to the market in recent months contain consolidation loans, Pratt says, which essentially are loans desperate borrowers take out to get out of other loan obligations.

While there's definitely a lot to think about when it comes to consolidating student loans, borrowers who know their options can utilize consolidation loans when appropriate to simplify their bill payment procedures, and maybe even save a considerable sum of money.

Borrowers with a federal consolidation loan still have to decide between different repayment plans and must decide whether to make more than the minimum required payment.

Loans that have been in default can be consolidated after three consecutive monthly payments have been made or if the borrower agrees to repay the consolidation loans under an income - driven repayment plan (where the payments are based on the income of the borroLoans that have been in default can be consolidated after three consecutive monthly payments have been made or if the borrower agrees to repay the consolidation loans under an income - driven repayment plan (where the payments are based on the income of the borroloans under an income - driven repayment plan (where the payments are based on the income of the borrower).

There are other factors to consider (the side benefits of federal consolidation loans for example), and there are additional strategies not covered in this scenario that some borrowers may be able to utilize.

Although the Department of Education allows borrowers to consolidate multiple federal student loans into a single loan to simplify monthly payments, federal loan consolidation does not provide borrowers with a lower interest rate.

The interest rate on a federal consolidation loan is a weighted average of the borrower's existing loans, rounded up to the nearest one - eighth of a percent.

Borrowers who take advantage of this special, limited - time consolidation option would also receive up to a 0.5 percent reduction to their interest rate on some of their loans, which means lower monthly payments and saving hundreds in interest.

That's why we created this guide — to give borrowers a useful resource that empowers them to choose if student loan consolidation is right for them and which type may best suit their needs.

Because the interest rate is a weighted average and rounded up, borrowers won't ever save money on interest by opting for a federal consolidation loan unless the loans are pre-2006 and have a variable interest rate.

This special consolidation initiative would keep the terms and conditions of the loans the same, and most importantly, beginning in January 2012, allow borrowers to make only one monthly payment, as opposed to two or more payments, greatly simplifying the repayment process.

A borrower in repayment with a $ 32,000 FFEL Consolidation loan (at 6.25 %) and a $ 5,500 Direct Unsubsidized Stafford loan (at 6.8 %).

If any of their loans are currently in the grace period, borrowers may elect to have their servicer delay the processing of the loan consolidation for one to nine months to take full advantage of the grace period for the loan (s).

The weighted average for a federal consolidation loan for Borrower A is 4.25 %.

Direct Consolidation Loans are managed by one of four servicers chosen by the borrower.

FreedomPlus rewards borrowers for using the loan to directly pay off creditors, making it an attractive choice for debt consolidation.

Nearly all federal student loans are eligible for consolidation, and borrowers do not have to provide evidence of a strong credit history to qualify.

Borrowers who have Direct Stafford loans that are either subsidized or unsubsidized, FFEL PLUS loans, or FFEL consolidation loans may qualify for an income - sensitive repayment plan.

Borrowers who select a Pay As You Earn repayment program are eligible if they have Direct Stafford Loans, subsidized or unsubsidized, Direct PLUS loans to students, or consolidation loans that do not include PLUS loans made to parLoans, subsidized or unsubsidized, Direct PLUS loans to students, or consolidation loans that do not include PLUS loans made to parloans to students, or consolidation loans that do not include PLUS loans made to parloans that do not include PLUS loans made to parloans made to parents.

The interest rate offered on consolidated federal student loans is fixed but varies for each borrower because it is the weighted average of the interest rates on outstanding loans included in the consolidation, rounded up to the nearest one - eighth percent.

With a graduated repayment program, federal student loan borrowers with Direct Stafford Loans, subsidized or unsubsidized, PLUS loans, or consolidation loans have a fixed monthly payment that adjusts every two or three yLoans, subsidized or unsubsidized, PLUS loans, or consolidation loans have a fixed monthly payment that adjusts every two or three yloans, or consolidation loans have a fixed monthly payment that adjusts every two or three yloans have a fixed monthly payment that adjusts every two or three years.

Borrowers with Direct Stafford loans, both subsidized and unsubsidized, those with PLUS loans, or consolidation loan may opt for the standard repayment program.

Borrowers with Direct Stafford loans, subsidized or unsubsidized, PLUS loans, or consolidation loans may opt for the extended repayment plan.

At this time, only federal direct loans are eligible for PSLF, but a consolidation of other types of loans may indirectly provide loan forgiveness to some qualified borrowers.

Under an income - contingent repayment program, borrowers with Direct Stafford loans of any kind, PLUS loans made to students, and consolidation loans have their monthly payment based on the lesser of 20 percent of discretionary income or the amount due on a repayment plan with a fixed payment over 12 years, adjusted for income.

For borrowers who qualify for the lowest rates or who want to use a loan for reasons other than debt consolidation, Discover may be a better option than Payoff.

Borrowers who choose to consolidate under the Direct Consolidation Loan program are eligible to choose their servicer.

The borrower's new interest rate on the Direct Consolidation Loan is a weighted average of the interest rates of the underlying loans.

Loan consolidation helps borrowers who have multiple loans, some of which may have varying interest rates and even different servicers.

To qualify for a Direct Consolidation that may be serviced by FedLoan Servicing, the borrower must be out of school and have at least one Direct Loan or FFELP loan that is in grace, repayment, deferment, forbearance, or default staLoan or FFELP loan that is in grace, repayment, deferment, forbearance, or default staloan that is in grace, repayment, deferment, forbearance, or default status.

Until a notification is received that the loan consolidation request has been approved, borrowers should continue to make their payments as usual to their existing loans.

Refinancing student debt is similar to federal student loan consolidation in that borrowers take on a large, single loan in replacement of several smaller loans.

NOTE: Direct PLUS Consolidation Loans, which include PLUS Loans made to parent borrowers before July 1, 2006 must be re-consolidated into a Direct Consolidation Loan to qualify for repayment under the ICR plan.

Student loan consolidation is often dismissed by borrowers because it can be confusing to understand the process of consolidating student loans.

Borrowers who have private student loans and are interested in the various repayment and forbearance options may also wish to explore the iHelp Consolidation Loan.

The iHelp Consolidation Loan program connects a network of community banks with borrowers interested in refinancing their student loans.

The ICR plan is the only available IDR plan for a Direct Consolidation Loan that includes a PLUS Loan made to a parent borrower.

Borrowers apply for federal student loan consolidation, where they are able to select the federal loans they wish to consolidate, the servicer of the new loan, and the repayment plan that best fits their financial needs.

Repayment on a consolidation loan will begin within 60 days of disbursement of the loan, unless the borrower qualifies for a deferment or forbearance.

However, if a Direct PLUS Loan made to a parent borrower is consolidated into a Direct Consolidation Loan, the new Direct Consolidation Loan can then be repaid under the ICR plan, which is a qualifying repayment plan for PSLF.

Students and parents can not combine their loans through consolidation, since only loans from the same borrower can be consolidated.

* NOTE: We previously indicated that loan consolidation would result in removal of the record of default from a borrower's credit history.

Student borrowers with direct subsidized or unsubsidized loans, individuals with parent or grad PLUS loans, and all consolidation loans are eligible for the standard repayment plan through the federal government.

In the case of federal student loans, a borrower might consider grouping numerous loans with numerous servicers into a Direct Consolidation Loan.

Moreover, some borrowers taking out a debt consolidation loan may prefer their lender to directly pay their creditors — this is something Discover has, but Citizens Bank does not.