Student loan debt can be an overwhelming problem that countless of people throughout the United States must deal with on a day-to-day basis. Unfortunately, student loan debt can add to your overall financial stress rather quickly unless you take proactive measures. According to the U.S. Department of Education, consolidation or payment restructuring plans allow a borrower to combine one or more of their eligible Federal education loans into one new loan. Loan consolidation can greatly simplify loan repayment by allowing you to make only one monthly payment on your federal loans, and the amount of time you have to repay your loan will be extended.
A Direct Loan Consolidation can be a great option for many former students because it usually results in a lower monthly payment, lower interest rate and only one convenient monthly payment to make. Your Student Loan Processing Consultant will explain which programs offer you the largest benefits on your Federal Student Loan repayment. For some people, a reduction in their overall student loan payment is all they need to get back on stable financial ground again.
If you have trouble meeting your monthly payments, have exhausted your deferment and forbearance options, and/or want to avoid default, we may be able to help you. Contact us for a free no cost or obligation consultation. A 10-minute phone call is all you’ll need to determine what payment programs are available so you can stop stressing and start saving!