Benefits consolidating direct loans
Your new loan term will depend on the amount of your debt and the repayment plan you select.Refinancing also combines two or more loans into one new loan.
Additionally, with Earnest’s Precision Pricing, you can match your desired payment with a desired term in order to create a personalized payment plan that works for your budget.
If refinancing is for you, get started with our two-minute Quick Rate here. Our Client Happiness specialists are available by phone at (888) 601-2801 and by email at [email protected]
Although the program existed since then, it was not until President Obama’s budget in 2010 switched all new student loan lending over to the Direct Loan program.
This is part of the reason why many people refer to it as the Obama Student Loan Forgiveness program.
I am already consolidated, can I consolidate again? Can I delay my application so I dont lose my grace period? Will consolidating clear the default notation from my credit? This allows your payment to be based on your annual income, which often times will allow you to qualify for a very small payment and in some cases even a payment amount of zero.
Can I consolidate if I am currently enrolled in school? There are multiple plans to repay your student loan, one of which is the Income Based Repayment Plan.
However, it’s worth spending the time getting familiar with your loans before making the switch as there are certain benefits associated with federal student loans that you might lose if you consolidate or refinance. Keep in mind that these definitions hold true whether your loans are private or federal.
We strongly believe that student loan refinancing is a great opportunity to save money for many people.
You can combine both federal and private education debt when refinancing and you’ll receive a new (often lower) interest rate based on your credit history determined by your new lender.
You can learn more about MEFA’s education refinancing loan here.
But, as with most rules, there are some exceptions.