Benefits consolidating direct loans
If you’re just interested in temporarily lowering your monthly payment, consolidation might not be the answer.Contact your loan servicer to consider alternative options such as switching repayment plans or requesting a deferment or forbearance.Student loan consolidation or refinancing can help you manage your budget.You'll save the frustration of dealing with multiple lenders and reduce the risk of missing a payment because refinancing combines your loans into a single loan, with a single bill.Keep in mind, once your loans are combined into a Direct Consolidation Loan, they cannot be removed.In weighing your options, be sure to compare your current monthly payments to what your monthly payments would be if you consolidated your loans.
A lower, more affordable monthly payment can help you stay current and avoid default.
If you’re interested in the best student loan repayment benefits, you’ll want to have Direct Loans.
If you borrowed any federal student loans before July 2010, there’s a good chance that some or all of your federal student loans are not Direct Loans.
Rather than spending all of your money and then some on student loan payments each month, you can instead save that cash for something fun or to invest in your future.
If you want to start a business, use the money you’re saving on your loans to do it.