Direct loan consolidating

Posted by / 31-Oct-2020 23:34

Direct loan consolidating

If you're repaying federal student loans in an Income-Driven Repayment (IDR) plan, each year you need to re-certify your plan by providing updated income documentation and certification of your family size.Generally, this is around the same time of the year that you first began repayment under the IDR plan that you selected.

The repayment term is generally up to 10 years and may be up to 30 years for Consolidation Loans.It's important to understand and carefully consider all factors before consolidating.Consolidation into the Direct Loan program may allow borrowers with FFELP loans to take advantage of repayment plans or forgiveness options created solely for Direct Loans.There is no fee to consolidate federal student loans into a Direct Consolidation Loan.Standard plans last up to 10 years (or up to 30 years for Consolidation Loans).

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Extended repayment plans offer up to 25 years to repay your loans.