What will consolidating a perkins loan do

Check out this video to learn more about changing repayment plans, postponing or reducing your payments, or combining your federal student loans.

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If the options above don’t work for you and you simply can’t make any payments right now, you might be eligible to postpone your payments through a deferment or forbearance.

However, depending on the type of loan you have, interest may still accrue (accumulate) on your loan during the time you’re not making payments.

For many borrowers, this is the most practical option for getting out of default.

Learn more » Canceling your loan is only available in limited situations, but if you’re in default, it could be an option for you.

You can have your federal student loans canceled for school-related reasons, such as your school closing, or in the event of disability or death. Department of Education will accept payment in the form of checks, money orders or credit or debit cards.

Learn more » You could choose to pay the full amount of what you owe on your loan to get out of default. Learn more » On this page, we write exclusively about getting out of default on your Federal Direct and FFEL student loans.Your repayment term will generally start within 60 days of when your consolidation loan is first disbursed and will be based on your total federal student loan balance, among other factors; click on the link below for more details.[Back to top] Applying for consolidation takes most borrowers less than 30 minutes, according to the Federal Student Aid website.After graduating from college many people are left with student debts.These debts can be anything from loans to credit cards.Remember, you never have to pay for help with your student loans. Check out our blog to learn more about avoiding paying for help with your student loans..

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