Consolidate Direct Student Loans

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Consolidate Direct Student Loans

Consolidate Direct Student Loan

If you are looking to consolidate your direct student loans, we recommend checking out the government-backed loan program called “Direct PLUS”. It’s free, fast, and there are no upfront fees. You will have the option to defer payment until after graduation or pay back over 10 years. By consolidating your student loans, you may qualify for lower monthly payments, a lower interest rate, and a lower total amount owed. In addition, you could save money on tax preparation services and lawyer fees.

Credit Card Debt

One way to help pay down credit card debt is to use cashback rewards credit cards. These cards give you points based on how much you spend at certain retailers – then you get paid back automatically when you make purchases in those categories. Most major retailers already give their own cashback rewards credit cards (e.g., Macy’s Cash Back Rewards®). But if you don’t want to apply for one of these credit cards, check out our list of the best cashback credit cards where you can earn 5% cashback or more at grocery stores, gas stations, restaurants, department stores, drugstores, home improvement centers, and online shopping sites. You can also find our best travel credit cards so you can rack up miles while exploring the world.

Personal Loans

Personal loans allow you to borrow money for any purpose you choose. There are many different types of personal loans, including installment loans, auto  loans, payday loans, and unsecured loans. If you are having trouble paying your bills, a personal loan may be right for you.

Refinance Your Mortgage

Refinancing your mortgage means taking out a new loan that has a lower interest rate than the existing loan. This helps you save on interest payments and reduce your total balance over time. Typically, refinancing takes less than two weeks to complete. Here are some things to consider before refinancing your mortgage:

How long do I need to stay current?

When should I refinance my mortgage?

What types of mortgages offer the lowest rates?

Can I afford the difference between my old and new loan amounts?

Should I put extra money toward making my house more affordable?

You might be able to take advantage of a zero percent intro period that offers attractive interest rates. We explain what zero percent intros are, how they work and whether you should use them in our post about the best zero percent intro APR mortgages. Check out our post about the best 0 percent intro APRs first!

Consolidate Direct Student Loans

For students who have been out of college for a while, consolidation can seem daunting. As a result, many people choose not to pursue the option until they have gone back to school or gotten their first full-time job. However, consolidation should be something you consider sooner rather than later. If you’re thinking about consolidating student loans, here are five things you need to know before taking action.

Consolidation Doesn’t Mean You Can Avoid Repayment for Years

Don’t get too excited if you hear that consolidating your student loan means you won’t have to pay interest payments for years. In reality, the opposite happens. Once you consolidate, you’ll still have to make regular payments on your debt. Many lenders offer lower rates if you agree to repay at least half of your balance over a fixed period of time. The length of this repayment schedule varies based on the type of consolidation plan you select. The good news is that these plans usually last between two and ten years. Depending on the amount you owe, you may be able to reduce your monthly payment by consolidating your debt at a higher rate.

Consolidation Helps Your Credit Score

If you’re trying to get approved for credit cards, auto loans, mortgages, and other types of loans, consolidating your student loans could help improve your score. A high FICO score is a big plus when applying for almost any financial product, including home equity lines of credit and refinancing of existing loans.

Consolidation May Help Make Homeownership Possible

There’s no doubt that owning a house is a big step toward independence. And since most student loans don’t start accruing interest until after graduation, buying a house becomes even easier when you combine student loan consolidation with real estate purchases.

Consolidation Could Save You Money Down the Line

While you might save money today by consolidating your student loans, you may actually end up paying more down the line. After all, the interest rate on your consolidated loans is likely lower than the rate on your current ones. Even if your loan balances are currently low, you could end up owing more money over the long haul.

Consolidation Isn’t Always Right for Everyone

Although it’s true that some borrowers benefit more from consolidation than others, it’s also possible that you aren’t eligible. There are several requirements that you must meet in order to qualify for student loan consolidation. To find out whether you’re eligible, contact your lender directly and ask them to explain what kind of documentation you’ll need to provide.

Consolidate Direct Student Loans

Consolidation options

There are two types of consolidation loans: private student loan companies and federal government-backed student debt consolidation programs. Private student loan companies offer their own specific terms and conditions. Federal student loan consolidation programs allow students to consolidate all of their loans into one manageable monthly payment. However, these programs often have fees associated with them. Therefore, they may not be worth the hassle if you do not need all of your loans consolidated at once.

What to look out for

The biggest thing to consider when looking at different consolidation programs is how much money you are paying each month. Look at the interest rates and fees associated with the program. When comparing options, keep in mind that you will likely pay less over time than you would just taking out several smaller student loans. Also, make sure to review what happens in case of default. You should always have some emergency cash set aside to cover any unexpected costs.

Other factors to take into account

There are a few other things to think about when deciding whether to consolidate your loans or not. Look at how many years you plan to be enrolled in school before repayment begins. If you plan on going back to college after graduation, then consolidating could save you money in the long run and free up money for now. Make sure you understand the terms of any loan you sign up for. Your lender will tell you exactly what you can expect to earn upon graduation. After you find the best fit for your situation based on all the above factors, start working toward consolidating your loans.

Consolidate Direct Student Loans

The Trump administration announced yesterday that they would be moving forward with plans to consolidate student loans, which means that millions of students could save thousands of dollars over their lifetime. The proposal still requires Congressional approval, however, the White House estimates that about $7 billion worth of debt will be consolidated each year. If Congress approves these changes, borrowers who carry a balance of at least $17,500 would qualify for consolidation, which would lower monthly payments based on how much loan debt they have currently. These savings add up quickly over time, and by consolidating, you can pay off your student loans faster. There are two types of consolidation: private and federal. Private student loan companies offer fixed interest rates and longer repayment terms than government-backed programs. Federal programs are cheaper, but offer less flexibility. You should always shop around for the best deal before consolidating loans, since rates change depending on where you apply. According to the Department of Education, the average borrower pays about $350 per month toward their loans. If you have several different student loans, you may find yourself paying significantly more than that amount.

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