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In addition to refinancing student loans and parent PLUS loans, the company offers undergraduate and graduate school loans.It partners with Pencils of Promise, an education nonprofit, to fund the education of a child in the developing world each time it funds a new student loan in the U. Best Features: Common Bond allows qualified borrowers to release a co-signer, and children can refinance parent PLUS loans into their name.Here are some additional requirements: If you just graduated with three federal Direct Subsidized loans, one for ,000, one for ,000 and one for ,000, and you get a job earning ,000 a year in San Francisco, you’ll pay off the loans in 10 years and pay a total of ,409 once you start making payments under the Standard Repayment Plan.Kantrowitz encourages borrowers to compare both the monthly payment and the total payments over the life of the loan when considering consolidating or refinancing loans.If you’re using the paper application, you’ll mail the application to the servicer of your choice. You could also choose the Income-Based Repayment Plan, the Pay As You Earn Repayment Plan or Revised Pay As You Earn Repayment Plan as long as your consolidated loan doesn’t include a parent PLUS Loan.With ICR, IBR, PAYE and REPAYE, your monthly payment will be 10 to 20 percent of your annual discretionary income, the difference between your actual income and 100 to 150 percent of the federal poverty guideline for your family size and state.Some debt relief companies offer to consolidate your loans for a fee, but this isn’t necessary. You’ll have to submit your name, address, Social Security number, driver’s license state and number, contact information and two references who’ve known you for at least three years. This information should be on your monthly billing statement.“Never pay a fee to consolidate your student loans,” says Kantrowitz. You don’t need to consolidate all your loans, and doing so may be a bad idea in some circumstances.
If you’re choosing the standard or graduated plans, your repayment term will depend on the total balance of the loans you’re consolidating, plus the balance of other loans you listed.
With private student loan consolidation, a private lender repays your student loans, which may include private and federal loans.
The lender issues a new loan based on your creditworthiness.
You have the option of listing loans that you don’t want to consolidate but that you want factored into your total loan balance. You can choose among Great Lakes Higher Education Corporation & Affiliates, Navient, Nelnet or Fed Loan Servicing.
Your total loan balance will impact your Direct Consolidation Loan’s repayment period and monthly payment. If you plan to use the Public Service Loan Forgiveness program, you have to choose Fed Loan Servicing, as it manages the program. When you consolidate your loans, you may be able to choose the Standard Repayment Plan, Graduated Repayment Plan, Extended Repayment Plan or Income-Contingent Repayment Plan.
If you extend your loan terms, you will have a lower monthly payment.