What is Education and School Loans.
The easiest way to reduce your student and school loan debt is to consolidate student loans. School loan consolidation results in lowered debt and payments if the average interest after consolidation is lower than it is before. This is really just refinancing one or a group of federal student loans, at a lower interest rate - just as refinancing a mortgage loan at a lower interest rate would reduce monthly payments and the total amount paid.
What is the Consolidation Process?
When a borrower consolidates loans in the Direct Consolidation Loan Program, the Department of Education pays off the original federal education loans and originates a new loan for the total amount of the loan(s) consolidated. Here`s how that works:
Step 1: Application Review
Step 2: Credit Check (for PLUS borrowers only)
Step 3: Loan Verification
Step 4: Income Contingent Repayment Processing
Step 5: Loan Statement Sent to Borrowers
Step 6: Payment to Loan Holders
Step 7: Account Set-Up
Step 8: Adding Loans to an Existing Direct Consolidation Loan
Wondering what your school`s role in consolidation is? Remember: Your borrowers may be eligible even if your school only participates in the FFEL Program.
What are the Benefits to Borrowers?
A Direct Consolidation Loan allows borrowers to combine one or more of their federal education loans into a new loan that offers several advantages.
No Minimum or Maximum Loan Amounts or Fees.
Direct Consolidation Loans do not exclude anyone based on the size of their loan debt! In addition, consolidation is free.
How much can you save each month?
If you consolidate student loans right now, you could save hundreds of dollars a month. Here`s a quick chart showing how much you could save on your monthly payments if you had Stafford Loans of varying dollar amounts.
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