Lenders consolidating federal student loans

03-Aug-2020 11:26 by 5 Comments

Lenders consolidating federal student loans - adult dating pictures

You must provide documentation of your income to your loan holder.

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It’s important that you fully understand loan rehabilitation and loan consolidation before making your decision.

Take a look at the chart below to compare the benefits of loan rehabilitation versus the benefits of loan consolidation.

*NOTE: We previously indicated that loan consolidation would result in removal of the record of default from a borrower’s credit history.

You’ll need to provide documentation of your monthly income and expenses.

Depending on your individual circumstances, this alternative payment amount may be lower than the payment amount you were initially offered.

If you make three voluntary, on-time, full monthly payments before consolidating, you can choose from any of the repayment plans available to Direct Consolidation Loan borrowers.

One option for getting your loan out of default is loan rehabilitation.

While loan rehabilitation takes several months to complete, you can quickly apply for loan consolidation.

However, loan rehabilitation provides certain benefits that are not available through loan consolidation.

To rehabilitate your loan, you must choose one of the two payment amounts.

Your loan holder may be collecting payments on your defaulted loan through wage garnishment or Treasury offset (taking all or part of your tax refunds or other government payments).

To start the loan rehabilitation process, you must contact your loan holder.

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