Benefits consolidating direct loans

The typical student borrower receives money from federal loan programs every semester in school.It often comes from different lenders, so it is not unusual to owe money to 8-10 separate lenders by the time you graduate.However, if you’re making enough money right out of the gate and very dedicated to repaying your loan, the fastest, most efficient method is to go with the standard repayment program and get it done in 10 years … Loan Plans For Many Circumstances & Income Sources.

For example, if you made three years of qualifying payments for Public Service Loan Forgiveness, then consolidate your loans, you would lose the three years of qualifying payments and the clock would start over again.There are many good reasons to consolidate through the Direct Loan Consolidation program, not the least of which it keeps you alive for one of the income-based plans such as REPAYE (repay as you earn), PAYE (pay as you earn), IBR (income-based repayment) and ICR (income-contingent repayment).Here are more pros for the Direct Loan Consolidation program: If you have missed payments because you struggle keeping up with multiple loan servicers and multiple repayment dates, consolidation or refinancing is a valid choice.Keeping track of that kind of schedule is complicated and part of the reason so many have defaulted.It’s also why student loan consolidation is such an attractive solution.

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Making one payment every month instead of many payments makes life simpler.

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