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Is A Federal Debt
Consolidation Loan Right For You
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The U.S. Government offers a plan that can help you manage your student
loan debt with a Federal Direct Consolidation Loan. Whether you're a
recent graduate, midway into your career, still in school or in your
grace period, a debt consolidation loan from the federal government
may
lessen the amount you need to repay, or increase the time that you have
to pay off your current debt.
How can a federal debt consolidation loan help you pay off your debt?
If you have student loans under several different programs, bringing
them all together under one Direct Consolidation Loan can make your
debts easier to manage. By combining all of your loans into one, you're
only responsible for making one payment to one lender - the U.S. Government.
To help make the option of debt consolidation more attractive, there
are four flexible payment plans available, including two that take your
income and/or income expectations into account.
A Direct Consolidation Loan is available to help manage your student
loan debt even if you're still in school or in your grace period. If
you choose to consolidate all your debts into one before you finish
school, you can lock in an interest rate that as much as .6% lower than
if you attempt to refinance later.
For a better idea of how a Federal Direct Consolidation Loan can help
lower your payment and help manage your debt, you can visit the
Department of Education's web site and make use of their online debt
calculator at https://loanconsolidation.ed.gov to estimate your projected
monthly payment under the various plans.
Can a Federal Direct Consolidation Loan help you manage your debt?
There may be reasons why debt consolidation is not the right solution
for you. If you're close to the end of your repayment term, for
instance, it may not be worth the work to consolidate. Extending the
life of your loan is likely to increase the amount you pay overall.
If you can afford the higher monthly payments to pay it off sooner,
you can save money in the long run.
If you're certain that a Federal Direct Consolidation Loan will be to
your benefit, you still need to be eligible for the program. The
eligibility guidelines can be found at loanconsolidation.ed.gove/borrower/beligible.html
In addition, the list of loans that are eligible for consolidation can
be found
here: loanconsolidation.ed.gov.borrower/bloans.html
Which debt consolidation plan is the best one for you?
Standard: The standard repayment plan is fixed-rate that runs for a
maximum of ten years. The minimum payment is $50 monthly.
Extended Repayment Plan: A fixed rate plan with payments extending over
the course of 12-30 years. Payments are a minimum of $50, and the life
of the loan is dependent on the total amount of the debt.
Graduated Repayment Plan: Under the graduated plan, payments start low
and increase, generally every two years. The length of the repayment
period varies from 12 to 30 years.
Income Contingent Repayment Plan: The monthly payment is based on a
borrower's annual adjusted gross income, family size and the total amount
of direct loans.
If your student loan debt is out of control, or if you just want to
manage it more easily, visit loanconsolidation.ed.gov to see how the
federal government can help you with a direct consolidation loan.
About The Author:
Peter Dobler is a veteran in the IT business. His passion for experimenting
with new internet marketing strategies leads him to explore new niche
markets.
Read more about his experience with credit and mortgages; visit
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