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Nothing on this site constitutes official qualification or guarantee of result. Department of Education has put a freeze on student loan borrower defense laws that were supposed to go into effect this past July. And the benefits are mutual – you get to pay off your student loan “Default” is a dirty word in the student loan industry.All telephone numbers listed connect to 3rd party private companies not controlled by Student Debt Relief offering fee-based services to assist with application preparation for federal student loan and other programs. Education Secretary Betsy De Vos has delayed implementation of these laws until 2019, What if we told you a potential employer is offering to help you pay off your student loans? If a borrower defaults on a student loan, its bad news all around; the borrower is having trouble keeping up with payments, and now the loan servicer is taking steps to If you are still waiting on a student loan claim you filed with the federal government, you may be one of more than 65,000 applications that have not been processed by the Department of Education.As you can see from this example, the borrower had not one but two interest rates which have now been combined into one interest rate that takes the balance(s) of the loan into consideration when calculating the new and fair weighted average interest rate.
Understanding all the benefits will help you make a good financial decision.
Here is an overview of some of the many benefits: Consolidation may not be the best option for everyone.
This site does not negotiate, adjust or settle debts.
All federal student borrowers are able and encouraged to apply for any federal repayment or forgiveness programs through the US Department of Education without paying fees to any entity.
Next, the remaining $75k balance makes up 75% of the borrowers total balance, so they would multiple 75% x 3.5% = 2.625%.
The Department of Education would then combined those two numbers to come up with the weighted average interest rate of 1.625% 2.625% = 4.25%.
The loan types which qualify for a consolidation are: Generally, you can apply for a consolidation once you have graduated from school, or have left school, or have dropped below 6 credits per semester.
Your student loans would need to show that they are not in “FULL TIME” status, and must be in repayment.
Consolidation programs exist for both federal and private student loans, but the purpose of this page is to discuss federal student loan consolidations.