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Whom do I contact if I have questions about consolidation?There is no cap on the interest rate of a Direct Consolidation Loan.The authors of this post work for Gradvocates Editing, a business that edits personal statements, resumes, and other documents for students seeking to get into law school, graduate school, or college.We also edit resumes and cover letters for anyone trying to get a job.Nothing is more satisfying than helping a deserving individual fulfill his or her dreams. They will garnish your wages even if you’re old enough when this happens, they will garnish your social security checks.However, we strongly believe that to achieve the full benefits of your degree after graduation, you need a solid financial education. We first ask—no, we require—that you watch the following clip, which is the pure truth as spoken by Suze Orman: Here’s what makes absolutely no sense whatsoever. They are thrilled because [the interest] starts to compound and compound and compound and ,000 turns into ,000 turns into 0,000 and then you think you’ve been getting away with something because you haven’t been able to pay it and then they contact you and you have got to pay back that 0,000. So when you are taking out student loans, parents out there, when you are cosigning a private student loan, you better be very, very careful.But with 0,000 in debt, you probably have some private loans in your portfolio, too.And I am going to be straight with you: Private college loans are not ideal at any time, especially now, when many lenders have left the student loan business or curtailed their lending in the wake of the financial crisis. With a private loan consolidation, your FICO credit score will determine both whether you get a loan and what the initial rate will be.
There is no application fee to consolidate your federal education loans into a Direct Consolidation Loan. Department of Education (ED) or ED’s consolidation loan servicers. Top A Direct Consolidation Loan has a fixed interest rate for the life of the 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 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.
The loans that were consolidated are paid off and no longer exist.
You’ll have an opportunity to add financial details from other sources to the data used by FACT.
The government has a strong interest in making it possible for students to pay off their educational loans, and at the end of 2012 it instituted a new form of the income-based repayment plan called Pay As You Earn (PAYE).