Consolidating private student loans bank of america
To ask questions about consolidating your loans before you apply for a Direct Consolidation Loan, contact the Student Loan Support Center at 1-800-557-7394.
To request technical assistance while you are signed in and completing the online, select the “Contact Us” tab in the top menu bar of Student
There is no application fee to consolidate your federal education loans into a Direct Consolidation Loan. Department of Education (ED) or ED’s consolidation loan servicers. Once your loans are combined into a Direct Consolidation Loan, they cannot be removed.
You may be contacted by private companies that offer to help you apply for a Direct Consolidation Loan, for a fee. There’s no need to pay anyone for assistance in getting a Direct Consolidation Loan. The loans that were consolidated are paid off and no longer exist.
The result is a single monthly payment instead of multiple payments. Leaving out your Direct Loans or Perkins Loans will preserve the benefits on those loans.
Loan consolidation can also give you access to additional loan repayment plans and forgiveness programs. If you want to lower your monthly payment amount but are concerned about the impact of loan consolidation, you might want to consider deferment or forbearance as options for short-term payment relief, or consider switching to an income-driven repayment plan for longer-term payment relief.
If you submitted your application online, your consolidation servicer’s contact information was provided at the end of the online process.
Consolidating student loans can help make what feels like a mountain of college debt much more manageable.
This new loan will allow you to have one manageable monthly payment.
There has been much speculation that today’s Massachusetts Senate race is a referendum on health care. My guess is that this senate race could have even larger repercussions.
During an appearance on “Fox News Sunday,” this past week, Senate Minority Leader Mitch Mc Connell put it well when he said that President Obama’s plan to bring about “change” to America wasn’t merely limited to health care.
If consolidation would cause you to lose the benefits associated with some of your current loans and you are working toward earning those benefits, you should not include those loans in your new Direct Consolidation Loan.
Whom do I contact if I have questions about consolidation?
The National Postsecondary Student Aid Survey reports that a majority of four year college graduates are carrying close to ,000 in student loan debt.