Consolidating student loans from sallie mae singles clubs speed dating
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.When you’re ready, go to studentloans.gov, log in, and follow these steps to apply: You can consolidate all your federal loans or just some of them.If you’re a parent with PLUS loans and you also have other federal student loans, you may want to consolidate your PLUS loans in a separate consolidation loan; consolidating them with your other federal loans will make that consolidation loan ineligible for all income-driven repayment plans except income-contingent repayment.
There are major benefits and drawbacks of federal consolidation; it’s important to understand both because consolidation can’t be undone.If you choose an income-driven plan, you’ll be asked to provide income information on the application by granting access to your IRS tax information.You can opt out, but you’ll have to submit a copy of your most recent federal tax return directly to your loan servicer after you finish the consolidation application.So, for instance: If the average comes to 6.15%, your new interest rate will be 6.25%.
Additionally, you’ll get a new loan term ranging from 10 to 30 years.
To find the best plan for you, check out Federal Student Aid’s repayment estimators before you begin the consolidation application.