Direct loan consolidating
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Before you consolidate, consider the following pros and cons: Note: Just remember, you must continue making payments after submitting your application until you receive notice from your servicer that underlying loans have been paid off.
Even if you have only one defaulted student loan, you may obtain a Direct Consolidation Loan to resolve the default.Consolidation gives you the opportunity to choose one of the U. Department of Education's consolidation servicers (of which, Great Lakes is one) to complete and service your Direct Consolidation loan.You don't have to pay for student loan services or advice.Below we've ranked the leading student loan refinancing companies. In just 15 minutes you might be able to save ,000.It is free to apply, and the process usually takes about 15 minutes. You may now have a general idea of how to refinance student loans and how to consolidate student loans, as well as the basics of what each lender offers, but there is much more information you should know before choosing a lender. The Direct Consolidation Loan program is offered by the U. Department of Education to federal student loan borrowers.
Department of Education made the landmark decision to allow you to choose your consolidation servicer (of which, Great Lakes is one) under the Direct Consolidation Loan program.
In the process of consolidation, each original loan is paid in full and a new Direct Consolidation Loan is originated for the combined balance of the consolidated loans.
ED determines the interest rate of the Direct Consolidation Loan by taking the weighted average of the interest rates on your existing loans and rounding up to the nearest 1/8 of a percent (0.125).
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There are many different factors for students to consider in order to ensure that they’re making the right choices for their families and their wallets.