Benefits consolidating direct loans
Consolidating your student loans will reduce the pressure of multiple payments and allow you to budget your finances.People often apply for student loan debt consolidation to secure one low monthly payment, a lower or fixed interest rate and avoid wage or tax garnishments.If you would like to add other eligible loans, your servicer must receive your Request to Add Loans Form within 180 days from the date your Direct Consolidation Loan is completed (originated).If you choose Nelnet to originate and service your Direct Consolidation Loan, you may request to add other eligible loans to it by completing the Request to Add Loans Form and send it to Nelnet via email Direct Loan [email protected], or mail to: Nelnet P. If you’re married and file a joint income tax return, your spouse’s adjusted gross income is also taken into consideration.
So, the interest rate on a consolidation loan may be higher than the underlying loans.You must reapply annually with updated income information. Loans Only: Under this plan, your monthly payments are calculated based on your total monthly gross income and must cover at least the interest due each month.You must reapply annually with updated income information, as this plan is only assigned for 12 months at a time.You may also add eligible loans to your existing Direct Consolidation Loan using the form below – if you are within 180 days of the date we paid off the first loans you are consolidating.After 180 days, you will need to apply for a new Direct Consolidation Loan.
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The main forgiveness programs that are available to Stafford Loan borrowers are Public Service Loan Forgiveness and Teacher Loan Forgiveness.