Now, technically these loans are federal but they do not have the same benefits
as other federal loans (ex: income - based repayments or student loan forgiveness).
It is best to think of a Parent PLUS loan application as a recourse
after other federal loans and grants have been exhausted.
In recent years, because of complaints with ACS Loan Servicing, most of their Direct Loans were transferred to
other Federal loan servicers by the Department of Education.
You may qualify for a Grace Forbearance if you want to align payments for a qualifying Federal Consolidation Loan or a Federal Grad PLUS Loan
with other federal loans that have a six - month grace period or post-enrollment period.
It's different
from other federal loans because it is granted and issued by the school itself and not by the U.S. Department of Education.
In recent years, because of complaints with ACS Loan Servicing, most of their Direct Loans were transferred to
other Federal loan servicers by the Department -LSB-...]
This means that you can not consolidate if you have only Perkins loans, but you can include Perkins loans along
with other federal loans and apply for consolidation.
In comparison to
other federal loan programs, like the Direct PLUS and Stafford Loans, very few Perkins loans are issued to students each year.
Claim to be associated with the Department, FedLoan Servicing, or one of
the other federal loan servicers, but do not have your loan details readily available in their system
And if you have any Parent PLUS loans, consolidating those with
your other federal loans will mean you might lose access to certain repayment plans.
If you've already made qualifying payments on your Direct Loans, but also have federal student loans that are not eligible for PSLF, a good option may be to consolidate
your other federal loans without including your Direct Loans.
If you have a federal loan, for example, the DOE acts as your lender, but your servicer might be Navient (or one of eight
other federal loan servicers).
Finally, the unsubsidized Stafford Loan is a little different from
the other federal loans.
Also, unlike
the other federal loans, interest accrues while the student is attending school.
Also at that time, the forbearance or stopped collections period for
your other federal loans will end.
Living Expenses: Debt: Savings: Rent - $ 400 CC's: $ 275 General: $ 0 (bad, I know) Phone - $ 65 Private Student Loan: $ 310 RDF's: $ 0 (ug, I am horrible) Car Insurance - $ 90 Navient Student Loan: $ 100 Groceries - $ 200
Other Federal Loans: $ 170 Fun - $ 50 Extra Debt Payment: $ 500 Travel - $ 50 Wedding - $ 200
And if you have any Parent PLUS loans, consolidating those with
your other federal loans will mean you might lose access to certain repayment plans.
You will not be eligible for the special Perkins loan cancellations if you consolidate your Perkins loan along with
your other federal loans.
Also,
other federal loans can qualify if they are consolidated into a Direct Consolidation Loan.
I have
some other federal loans, but as a gov employee, they will be forgiven in 10 years.
Perkins loans, unlike
other federal loans, always carry a 5 % interest rate and don't have fees.
Other federal loans, other than parent PLUS loans, will in most cases be able to consolidate into the direct loan program to use the new plan.
Several congressmen pointed out that Social Security benefits are earned, and that denying them to people who are unable to pay student or
any other federal loans is a bad move.
Similar to conventional loans and
other federal loan programs, the VA housing loan requires the home to be affordable for the borrower.
Unlike
other federal loans, PLUS loans have relatively high interest rates.In fact, during -LSB-...]
In addition, as mentioned above, you can only consolidate your federal loans with
other federal loans and not with private loans (unless you choose to go with private student loan consolidation).
Unlike
some other federal loan programs, you also need a solid credit history.
Terms start at 10 years, and you don't have to start paying it back until nine months after graduation, which means three extra months longer than
other federal loans.
If you've already made qualifying payments on your Direct Loans, but also have federal student loans that are not eligible for PSLF, a good option may be to consolidate
your other federal loans without including your Direct Loans.
Claim to be associated with the Department, FedLoan Servicing, or one of
the other federal loan servicers, but do not have your loan details readily available in their system
In comparison to
other federal loan programs, like the Di rect PL US and Stafford Loans, very few Perkins loans are issued to students each year.
Only loans granted under the Federal Direct Loan Program, or
other federal loans that have been consolidated into a Direct Consolidation Loan (except those including Parent PLUS Loans) are eligible for this program.
You don't get to choose EdFinancial Services or
any other federal loan servicer.
If you're unhappy with EdFinancial Services or
any other federal loan servicer, you can't switch to a different servicer.
NAR's solution is to make RHS more like
the other federal loan programs, which today account for the lion's share of loans.