Re consolidating consolidated student loan dating service for marriage
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.
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.
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.
If they wish to consolidate, parent PLUS borrowers may exclude the PLUS loans from the consolidation and pay them separately.
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.
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.WARNING: It is very dangerous to consolidate federal loans into a private consolidation loan.(Click espanol to find a Spanish version of the on-line application). It will also list the repayment plan that you selected.You can also download the paper application and mail it to the Department. You should review this information carefully and contact the Department if there are any problems.