Consolidate Student Loans Default

Consolidate Student Loans Default

8 min read


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Consolidate Student Loans Default

Consolidate Your Debts

This is perhaps the simplest way out of debt. If you have a huge amount of student loans, it may make sense to consolidate them. Instead of paying off each loan individually, simply pay off one consolidated loan. You will save money and time, and your payments will become much simpler.

Reduce Your Payments

If you do not need to pay back a lot of money right away, then you should consider lowering your monthly payment. There are several ways to go about doing this. First, try getting a lower interest rate on your loan. Second, find a balance transfer credit card that offers 0% APR for a set period of time. Third, take advantage of any special programs offered by your lender. Finally, ask your lender if you can defer your loan payments for a while. In order to qualify for a loan consolidation program, make sure that your income stays above the minimum requirements.


Some people who want to get rid of their debt opt for refinancing instead of consolidating. A refinancing involves taking out a different type of loan. If done properly, refinancing can help you save money over the long run. However, it is important to understand the terms and conditions of the new loan before taking out a refinance.

Make Extra Payments

Another option for helping yourself pay down your debts faster is making extra payments. Even though these payments are not free, they still count toward your goal of debt freedom. Be mindful of how much you pay, and if you cannot afford the payment, then don’t make it.

Debt Management Plans (DMP)

A DMP is a plan where the creditors agree to accept less than what is owed and to work together to pay down the debt as fast as possible. To participate in a DMP, you are expected to make three regular payments to the creditors each month. These payments are called the “minimum monthly payments.” Creditors also agree to drop high-interest rates and waive fees.

Consolidate Student Loans Default

Consolidate student loans default

In order to consolidate student loan debt, your borrower should have at least $10,000 in federal student loan debt and they should have made no payments on their student loans for 270 days. If these two requirements are met, the lender must accept a consolidation proposal submitted by the borrower, regardless of whether or not the borrower qualifies for a lower interest rate or forgiveness of principal. Lenders may require documentation regarding the borrower’s income and assets before granting approval. However, lenders cannot deny borrowers who meet the above criteria.

Qualify for government forgivness programs

There are three types of forgivness programs that exist for student loan debtors. These programs are Public Service Loan Forgiveness (PSLF), Income Based Repayment (IBR) and Pay As You Earn (PAYE). Only borrowers who qualify under PSLF or IBR can apply for forbearance. Borrowers who qualify for PAYE do not need to file for forbearance, however they may still qualify if they make 120 monthly payments.

Lower interest rates

There are several ways to reduce interest rates. For example, borrowers can prepay their loans early, seek out a private bank or credit union instead of a big national bank and ask them to offer a lower interest rate, or they can wait until they get their first paycheck after graduation and pay off their loans.

File for bankruptcy

Borrowers can use bankruptcy to help wipe out all outstanding balances owed to the Department of Education. Bankruptcy is considered an “absolute discharge” meaning that any remaining balance owed to the DOE will be forgiven. There are certain conditions that borrowers must follow in order to qualify for a bankruptcy discharge; they must have filed Chapter 7 bankruptcy, discharged their debts and had the case closed within 180 days prior to the beginning of the repayment period.

Change payment plan

If you do not want to file for bankruptcy, you can change your payment schedule when you file for forbearance. Instead of making 12 monthly payments, you can pay 36 monthly payments. Your payment amount will increase by 10% each year. After five years, your payments will become fixed and you will only be able to make payments based on your discretionary income.

Use your tax refund

Tax refunds can put money in your pocket faster than most other options. Taxpayers receive a check from the IRS approximately nine months after filing their taxes. Borrowers can use any portion of this sum to pay down their debt. Federal law does not prohibit taxpayers from using their tax refunds to pay off student loans.

Consolidate Student Loans Default

In today’s generation, student loan default rate is at its peak. Many students end up borrowing money to cover their education expenses, which often results in financial problems down the road. By consolidating loans, borrowers can minimize payments, save interest fees, and get back control over their finances.

How it works: Consolidation is a process where multiple student loans are combined into 1 single loan, and then the borrower pays only 1 monthly payment instead of several. You may have heard about consolidation before. In fact, it is called “default repayment plan” because it lets you avoid making any payments until you pay off the entire loan balance. After paying off the consolidated loan, you would still owe the original lender a small amount of leftover funds (about 5% – 10%). These leftover funds could be applied towards future credit card debt, medical bills, car repair, etc. The best thing about these leftover funds is that they do not even affect your FICO score. So if you are looking to consolidate student loans, here are some tips on how to choose the right loan company.

Loan companies: There are many different types of banks who offer consolidation services. Your first step is to find out whether the bank offers loan consolidation. If yes, then you should compare their rates and terms. Other factors to consider include processing time, minimum loan requirements, and what kind of documentation you need to provide.

Rates: All lenders require different criteria for qualifying for loan consolidation. While some require excellent credit scores, others don’t care about credit history at all. Typically, a low credit score doesn’t mean a bad credit report, but rather that the borrower isn’t eligible for certain credit cards and loans. A high credit score means you qualify for lower rates and bigger savings. Some lenders allow you to pay extra fees if you want faster processing times.

Documentation: Depending on the type of loan you have, you’ll likely need more than one document to prove income and employment status. Most lenders ask for proof of income and tax returns. If you’re applying for both federal and private student loans, you’ll need to provide proof of income from both employers.

Processing Time: Each lender has varying standards of how long it takes to complete your application. Generally, it takes 30 days for approval. However, some lenders may take longer depending on your credit report and debt levels. Check with the lender that you’ve selected to learn how much time you’ll need to wait to know if you’ve been approved.

Payment Options: Once you decide on a lender, you should also make sure you understand the different methods of payment. You may be able to choose between fixed payments and variable payments. Fixed payments are set amounts each month while variable payments fluctuate based on your payment history. Interest rates and payment options vary based on your credit score and loan amount.

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Consolidate Student Loans Default

Consolidate Student Loans Default

The Federal government offers students options to consolidate their student loans. This option allows the federal government to negotiate lower interest rates on any outstanding debt. The advantage to consolidating your student loans is that they become easier to pay off. When the repayment term is longer, you have more time to make payments. The disadvantage to consolidation is that your interest rate may increase slightly after your loan becomes consolidated. Your new loan terms are set based on your credit history at the time of application. To learn more about consolidation visit

Refinance Debt and Pay Less

When applying for a home mortgage, lenders look at your monthly income, assets, debts, and credit score. You want to refinance if your current interest rate is higher than what you qualify for. If your credit score is low, you need to improve it before you apply for a loan.

A good way to begin improving your credit score is to pay your bills on time each month. Make sure that you’ve paid up on everything before the due date; otherwise your credit score could suffer.

You should also consider paying down your existing debt. If you only use cash to pay back your debt instead of using a combination of cash and debt cards, your credit report will reflect that you don’t have enough money to repay your debts.

To learn more about how you can get out of debt, visit

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