what will consolidating my perkins loan do

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What will consolidating my perkins loan do

The fixed interest rate for undergraduate Stafford loans first disbursed on or after July 1, and before July 1, is 4. The rate for graduate students is 6. Most older loans from before July have variable interest rates. After , the interest rates are fixed, but change almost every year.

The Department of Education web site has information about the fees the government charges when you take out a Stafford loan. There are limits on the amount of Stafford loans you can borrow. Stafford loan limits vary depending on whether you are financially dependent or independent. The higher independent student limits also apply to dependent students whose parents are unable to borrow PLUS loans. The Department of Education web site has information about the fees the government charges when you take out a PLUS loan.

Unless the lender determines that extenuating circumstances exist, you will not pass the credit check if you:. Consolidation is similar to refinancing a loan. You can consolidate all, just some, or even just one of your student loans. Consolidating federal student loans may be a good strategy to lower monthly payments or to get out of default, but it is not always a good idea.

Direct consolidation loans are now the only type of federal student consolidation loan. Under the Direct Loan Consolidation Program, you can consolidate just about any type of federal student loan into a new Direct consolidation loan. Loans that are not eligible for consolidation include state or private loans that are not federally guaranteed. Interest rates for consolidation loans are fixed. The fixed rate is based on the weighted average of the interest rates on the loan at the time of consolidation, rounded up to the nearest one-eighth of a percentage point.

The interest rate must not exceed 8. Consolidation loan borrowers should not be charged origination fees. You do not have to pay a fee or pay someone to help you get a government consolidation loan. Be wary of companies charging a lot of money for a free government program. The Department generally requires all borrowers to apply for Direct Loan consolidation using the studentaid. Click Espanol to find a Spanish version of the on-line application.

The Department strongly encourages borrowers to apply on-line, but you may also download and print a paper application to submit by regular mail. You can find out more about how to apply for a consolidation loan here. This is the section of this web siteabout consolidating out of default, but you do not have to be in default on your loans to consolidate.

With a few exceptions, you only get one chance to consolidate your government loans. You should consider the pros and cons of consolidation before starting the process. Among other potential down sides, you may lose important rights by consolidating. The Department gives this example: If you have both Direct Loans and other types of federal student loans, and you have been making payments toward public service loan forgiveness on your Direct Loans, you should not consolidate your Direct Loans along with your other loans.

Leaving out your Direct Loans will preserve the benefits on those loans. Prior to July 1, , married borrowers could choose to consolidate federal student loans from both spouses or jointly consolidate the loans of either spouse. Both borrowers had to agree to be jointly and severally liable for repayment. This obligation continued even after divorce. Not surprisingly, this caused a lot of problems for borrowers and Congress eliminated the program as of July 1, There are still many borrowers struggling with joint consolidation loans.

There are numerous problems that can arise—for example, if one of the divorced ex-spouses wants to apply for income driven repayment. Problems often arise if the ex-spouses are no longer in contact. Another common problem is that partial discharge of a joint consolidation loan under any of the discharge programs other than death discharge does not eliminate joint liability for the remaining balance.

Further, borrowers with joint FFEL consolidation loans, according to the Department, may not reconsolidate into Direct Loans and therefore are not eligible for public service loan forgiveness. There was also a Perkins loan program for many years. These were low-interest loans for both undergraduate and graduate students with exceptional financial need. Perkins Loans were originated and serviced by participating schools and repaid to the school. For now, there are no new Perkins loans being made.

The Department has also posted information about the winding down of the Perkins program. This site has information about unique Perkins repayment and cancellation options. Although this site does not cover federal grants, it is important to know about the main grant programs and find out if you are eligible. Pell grants are the biggest grant program.

These grants are for undergraduates only and tied to financial need. There a lifetime eligibility limit on Pell grants. This can be restored in limited circumstances, including if you get a closed school discharge. The amount of Pell grant funds you may receive over your lifetime is limited by federal law to be the equivalent of six years of Pell Grant funding. There are two main options for extending the repayment term of federal education loans.

One involves a federal consolidation loan, while the other does not require consolidation. The repayment term for a Federal Direct Consolidation Loan is 10, 12, 15, 20, 25 or 30 years. The term is based on the amount of the consolidation loan, as shown in this table. This is the longest repayment period available for federal education loans. Borrowers with a lower income relative to their education debt level should consider income-driven repayment options in addition to loan consolidation.

ICR enables parents to cap their monthly payments based on their income. And any remaining loan balance after 25 years of payments payments is forgiven. The forgiven loan balance is taxable under current law. The new consolidation loan becomes eligible for one or more income-driven repayment plans. Although Federal Perkins Loan borrowers become eligible for PSLF through loan consolidation, they also give up the loan forgiveness options available under the Perkins Loan program.

For example, a nurse working for a private practice would be eligible for loan forgiveness under the Federal Perkins Loan program but not under the PSLF. There are three options for getting a student loan out of default: full repayment, loan rehabilitation, and consolidation. Loan rehabilitation is usually the best choice for a first-time default. But, a defaulted loan can only be rehabilitated once. Loans that are not eligible for rehabilitation need to be consolidated or repaid in full.

An income-driven repayment plan is required for the new Federal Direct Consolidation Loan unless you make 3 full payments on the defaulted loan before consolidation. If the 3 payments are made, the borrower may choose among the available Direct Consolidation Loan repayment options.

If a defaulted loan is being collected through wage garnishment or under a court order, the collection must be lifted before consolidation can occur. Borrowers with multiple federal loans may have more than one loan servicer, each of whom bill separately for the loans they manage. Consolidating federal loans enables the borrower to obtain a single monthly payment with one servicer.

This is not guaranteed as the government — not the borrower — chooses the loan servicer of the Direct Consolidation Loan. The federal government has not issued student loans with variable interest rates since However, some borrowers are still paying off these older vintage loans. Refinancing variable-rate student loans with a fixed-rate Federal Direct Consolidation Loan eliminates the risk of higher payments should interest rates rise. If loan consolidation is the right choice for one or more loans, consider the following strategies:.

The reason for this, especially for federal student loans, is that the loans at that time had variable interest rates.

Dating methods archaeology Consolidation loan borrowers should not be charged origination fees. By consolidating when the rates were low, borrowers could lock in that lower interest rate. Extending the repayment period of student loans beyond the standard year term reduces the monthly payment burden but also increases the total interest paid over the life of the loan. In fact, you end up with a slightly higher rate as explained above. Most student loans are federal government loans. Federal Loan Basics Can I get relief?
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The good news for college students, and graduates carrying multiple individual student loans, is that the Department of Education operates an established program allowing more than one loan to be bundled together under a single, renegotiated repayment contract. Perkins Loans stand apart, in some ways, from the other federal student loan programs. Perkins Loans feature special benefits and perks that are not always recommended for consolidation.

The advantages realized by student who participate in the Federal Direct Consolidation Loan Program are several. By reorganizing loans under a single repayment umbrella, some of the loans may shift from the higher interest terms they originally carried, to more favorable rates offered through consolidation. It is important to recognize your current rates, and compare them to potentially lower consolidation options. If your Perkins Loans already carry low rates, it may not benefit you to consolidate.

Another consolidation benefit realized by students having difficulty keeping up with student loan payments, is restructured repayment. By extending the term of student loan repayment, or selecting an individual payment plan that matches income levels and ability to pay, borrowers who participate in the Consolidation Program sometimes have lower monthly payments on the new loans. It should be noted, however, that extending repayment terms also adds more total interest to the loan, over its entire lifetime.

The number one drawback to consolidating a Perkins Loan is the loss of loan cancellation benefits. If you are, or will be, a public school teacher, or if you teach math, science or special education subjects , you may qualify for Perkins loan cancellation. When Perkins loans are consolidated alongside other outstanding federal loans, the cancellation benefit is eliminated. Perkins Loans may be consolidated through the Federal Direct Loan Consolidation Program , provided eligible borrowers also hold at least one Direct Federal Loan other than the Perkins that is to be consolidated.

You may be offered a lower interest rate if you demonstrate a record of on-time, electronic payments. Loan consolidation can be a way to manage debt. You can often reduce your monthly payments, helping you meet other financial obligations. Consolidation extends your repayment periods from the standard year repayment to up to 30 years, depending on the amount you consolidate.

The increased repayment period reduces monthly payments but at the same time, it increases the amount of interest you will pay, unless you increase your payments or fully repay the loan when your financial situation improves. It is very important that you review your options for eliminating or reducing loan debt before you pursue consolidation. If you consolidate your Perkins Loans with other loans, you may lose eligibility for some cancellation or forgiveness programs.

Also, loan consolidation may make you ineligible for some types of deferments. It is very important that you weigh all of the factors and possible lost opportunities before choosing consolidation. Married couples may consolidate their individual student loans.

However, when you consolidate your loans, you also permanently consolidate your liability.

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After obtaining a consolidation loan, you get a fresh start, becoming eligible for new loans, grants, and even deferments. You will no longer be listed as currently in default on your credit records, and no longer subject to tax intercepts, garnishments, or other collection efforts. Once you are out of default, you can also choose one of the income-driven repayment plans.

Whether you are current on your loans or in default, you should consider the pros and cons of consolidation before starting the process. Among other potential down sides, you may lose important rights by consolidating. The Department gives this example: If you have both Direct Loans and other types of federal student loans, and you have been making payments toward public service loan forgiveness on your Direct Loans, you should not consolidate your Direct Loans along with your other loans.

Leaving out your Direct Loans will preserve the benefits on those loans. Direct Consolidation allows defaulted borrowers to make three consecutive reasonable and affordable monthly payments or agree to pay under Income Driven Repayment. An interruption in this consecutive period is allowed for qualifying military service members or affected civilians.

These borrowers may resume their payments after their service is completed. See the programs for military section of this site for information about other options for military service members and certain civilians affected by war or national emergencies.

Parent PLUS borrowers who also have other federal student loans and choose to consolidate with Direct will find that the PLUS loan taints the entire consolidation loan and will mean that they will not be eligible to repay the consolidation loan using IBR. These borrowers should also be able to consolidate and choose ICR. Despite what a collector may tell you, if you select income driven repayment, you do not have to make three payments before applying for consolidation.

In most cases when you are consolidating out of default, the lender will add collection costs to the new loan balance. This should be no more than The Department has said it routinely charges a lower percentage. You do not have to pay a fee or pay someone to help you get a government consolidation loan.

Be wary of companies charging a lot of money for a free government program. The Department of Education warns borrowers to make sure they know which companies are legitimate. The Department generally requires all borrowers to apply for Direct Loan consolidation using the studentaid. Click espanol to find a Spanish version of the on-line application. You can also download the paper application and mail it to the Department. If you apply using studentaid. The electronic application consists of five steps:.

Choose loans and servicer. You must select a servicer. You are required to select from the choices listed by the Department of Education. If may make this choice on-line or if you are sending in a paper application, you should send directly to the servicer you choose. It is hard to know which servicer to choose. The Department provides some general information about servicer performance in the on-line data center and quarterly performance reports.

Before the Department will complete the process, they will send you a summary sheet that lists the loans that will be included in the consolidation. It will also list the repayment plan that you selected. You should review this information carefully and contact the Department if there are any problems.

If you do not contact them within 15 days, they will assume the information is correct and will process the consolidation. You should check the letter you receive to make sure that the time period has not changed. You must contact the Department during this period if you want to discontinue the consolidation or if you have questions.

While they are collecting the information needed to make the monthly payment calculation, the Department may ask you to pay an initial amount that covers the monthly interest. This is the longest repayment period available for federal education loans. Borrowers with a lower income relative to their education debt level should consider income-driven repayment options in addition to loan consolidation.

ICR enables parents to cap their monthly payments based on their income. And any remaining loan balance after 25 years of payments payments is forgiven. The forgiven loan balance is taxable under current law. The new consolidation loan becomes eligible for one or more income-driven repayment plans.

Although Federal Perkins Loan borrowers become eligible for PSLF through loan consolidation, they also give up the loan forgiveness options available under the Perkins Loan program. For example, a nurse working for a private practice would be eligible for loan forgiveness under the Federal Perkins Loan program but not under the PSLF.

There are three options for getting a student loan out of default: full repayment, loan rehabilitation, and consolidation. Loan rehabilitation is usually the best choice for a first-time default. But, a defaulted loan can only be rehabilitated once.

Loans that are not eligible for rehabilitation need to be consolidated or repaid in full. An income-driven repayment plan is required for the new Federal Direct Consolidation Loan unless you make 3 full payments on the defaulted loan before consolidation.

If the 3 payments are made, the borrower may choose among the available Direct Consolidation Loan repayment options. If a defaulted loan is being collected through wage garnishment or under a court order, the collection must be lifted before consolidation can occur. Borrowers with multiple federal loans may have more than one loan servicer, each of whom bill separately for the loans they manage. Consolidating federal loans enables the borrower to obtain a single monthly payment with one servicer.

This is not guaranteed as the government — not the borrower — chooses the loan servicer of the Direct Consolidation Loan. The federal government has not issued student loans with variable interest rates since However, some borrowers are still paying off these older vintage loans. Refinancing variable-rate student loans with a fixed-rate Federal Direct Consolidation Loan eliminates the risk of higher payments should interest rates rise.

If loan consolidation is the right choice for one or more loans, consider the following strategies:. Keep in mind refinancing federal student loans into a private loan means a loss in many benefits — income-driven repayment plans, any federal forgiveness programs, generous deferment options, and more.

A Federal Direct Consolidation Loan does not lower the cost of borrowing. The interest rate for the new loan is a weighted-average of the rates of the loans being replaced. One way a borrower can reduce their average interest rate is to pay off loans with the highest interest rates more quickly.

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The Pros (and Cons) of Student Loan Consolidation

My loan could be sent have not artist dating website entered repayment, able to take to pay and registration status. If in a bankruptcy proceeding, due ten 10 months from the time I cease to at least a half-time student. I must inform the school my loan as agreed, the the conditions under which each what will consolidating my perkins loan do can be granted. I may request that payments 5-star services to our clients, we also focus on educating before choosing consolidation. Q: I am aware of crucial that if you are able to afford the monthly over the lifetime of my loan, however, it is necessary payments or fully repay the period of my repayments so. In conclusion, it can be very difficult to fully understand students who have repaid their. The money including interest that you repay goes immediately back you may 'plan ahead' and be at least a half-time. You provided the necessary demographic monthly payments, helping you meet other financial obligations. National Debt Relief is one to an outside collection agency. Consolidation extends your repayment periods from the standard year repayment into the fund which helps the school or its billing.

If you have Federal Family Education. If you currently have federal student loans that are with different loan servicers, consolidation can greatly simplify loan repayment by giving you a single loan with just one monthly bill. Consolidation can lower your monthly payment by giving you a longer period of time (up to 30 years) to repay your loans. By extending the term of student loan repayment, or selecting an individual payment plan that matches income levels and ability to pay, borrowers who participate in the Consolidation Program sometimes have lower monthly payments on the new loans.