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Federal Direct Student Loan Consolidation- Just the FAQs
In today’s competitive corporate world, the value of higher education is further highlighted and demanded in order to assure one’s success in the career ladder. However, the frustrating fact is that higher education comes with a very high price tag. For this reason, student loans have become the usual solution in combating this financial hurdle. In turn, it is the gravity and complexity of handling several student loans to cover the years of education required that has led to the development of what is called the Federal Direct Student Loan Consolidation.
To further understand the concept and program of Federal Direct Student Loan Consolidation, a few basic questions on the matter is answered below.
What is a Federal Direct Student Loan Consolidation?
A Federal Direct Student Loan Consolidation is a loan that technically combines any of your existing federal student loans into one new single loan. Fully settling the outstanding loans and transferring the total amount to the new loan with renewed terms of payment is done. Most of the time, repayment period is longer in the Federal Direct Student Loan Consolidation, thereby resulting to lower monthly payment schemes.
What is the interest rate for Federal Direct Student Loan Consolidation like?
The interest rate in Federal Direct Student Loan Consolidation takes the weighted average of the outstanding loans and rounds this up to the nearest 1/8%.
Who are eligible for Federal Direct Student Loan Consolidation?
The following are the basic requirements for Federal Direct Student Loan Consolidation eligibility:
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Borrower must be a graduate are close to graduating |
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Loans should be within the repayment, deferment or forbearance, or grace period |
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Loans for consolidation must total to at least $30,000 |
Is there a fee to consolidate through Federal Direct Student Loan Consolidation?
None.
Are credit checks performed in order to consolidate student loans through Federal Direct Student Loan Consolidation?
No credit checks are required.
How long is the repayment plan for Federal Direct Student Loan Consolidation?
Depending on the repayment scheme availed; you can have as much as 30 years to repay the consolidated loan. contentAdsOR