Who do i contact about consolidating my student loans
If you do then you can include any of the following: Really, the only types of debt that can’t be included are private student loans (those that come from a private financial institution) and PLUS loans parents made on behalf of the borrower who is consolidating.
In other words, if your parents took out a PLUS loan to help pay for your education and you have several loans in your name, you can only consolidated yours – you can’t take on their debt even though it benefited you.
Consolidation reduces that down to just one bill, so debt is easier to manage.
Roughly 80% of student loan debt comes from federal loan programs.
If you’ve ever used a debt consolidation loan to take care of credit card debt problems, you may think you understand how a Federal Direct Consolidation Loan works for student loan debt. You use a Federal Direct Consolidation to consolidate federal student loan debt into one easy payment.
You can also pay the balance off faster if you have the funds without penalties.
Direct consolidation restrictions and additional notes As described above, one of the benefits of consolidating this way is that it immediately brings defaulted debt current so you can qualify for Federal Repayment Plans.