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Your repayment term will generally start within 60 days of when your consolidation loan is first disbursed and will be based on your total federal student loan balance, among other factors; click on the link below for more details.[Back to top] Applying for consolidation takes most borrowers less than 30 minutes, according to the Federal Student Aid website.
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The remainder of the application involves filling in basic personal information and providing names of two references who have known you for at least three years.
After you review, sign and submit your application, continue making payments on your existing federal loans until your application has been processed.
If you have Perkins loans, think twice before consolidating them; you’ll lose access to Perkins loan cancellation if you do.
Federal loan servicers are private companies that manage federal loans for the Department of Education.
You can choose one of four servicers for your new direct consolidation loan: Fed Loan Servicing, Great Lakes Educational Loan Services Inc., Navient and Nelnet.
If your loans are already with one of those servicers, you can stay or choose a new one.If you choose an income-driven plan, you’ll be asked to provide income information on the application by granting access to your IRS tax information.You can opt out, but you’ll have to submit a copy of your most recent federal tax return directly to your loan servicer after you finish the consolidation application.So, the interest rate on a consolidation loan may be higher than the underlying loans.However, the interest rate is fixed for the life of the loan.Here’s how: Federal student loan consolidation basics How to consolidate federal student loans Student loan refinancing basics Compare student loan refinance lenders When you consolidate federal loans, the government pays them off and replaces them with a direct consolidation loan.Tags: Adult Dating, affair dating, sex dating