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Read Complete Steps To Super Easy Direct Student Loan Consolidation
By far, the hardest part of completing the student loan consolidation process is getting started. With so much information and a diverse number of program options, the endeavor can be a bit overwhelming. This article will help acquaint you with one of the most popular Federal student loan options. The Direct Student Loan Consolidation.
There are 3 basic categories of Direct consolidation loans..
1) Direct PLUS Consolidation Loan
2) Direct Subsidized Consolidation Loan
3) Direct Unsubsidized Consolidation Loan
Direct student loan consolidation offers a fixed interest rate that is fixed for the life of the loan. There are 4 types of Direct student loan consolidation repayment plans as follows...
1) The Standard Plan
This option gives you up to 10 years to repay your loan
2) The Extended Plan
This option allows up to 30 years for repayment. This plan can offer much lower monthly payments. However, you will pay more in interest payments as a result of the extended life of the loan.
3) The Income Contingent Plan
The repayment life of this loan is typically 25 years. The monthly payments are determined based on your gross annual income. They also take into account the size of your family and how much you owe.
4) The Graduated Plan
This plan typically has a loan life of 12-15 years. The term graduated in this case means the amount of your monthly payments will increase every 2 years.
Contact your Lender or the Department Of Education about applying for a Direct Student Consolidation Loan today. They can suggest the best course of action for your financial needs. Student loan consolidation could very well be the option you need to regain control of your life.
Dorene Patterson is the author of many articles about Direct Student Loan Consolidation that will help save you time and money.
More Useful Resource and Updates on amount federal loan student
- New York Plans to Sue Student Loan Company (New York Times)
The attorney general is preparing a lawsuit against Goal Financial, charging that the lender broke laws by luring borrowers with cash and gifts and that it misled consumers about loan terms.
- Cuomo applauds new federal student loan law (Legislative Gazette)
A new federal law is extending protections to students nationwide against college loan fraud that Attorney General Andrew Cuomo helped secure for New Yorkers last year.
- Public, non-profit student loan provider to get proper funding (News Democrat & Leader)
Governor Steve Beshear announced Friday that the state has finalized the deal to provide the state's only public nonprofit student loan provider $50 million with which to make student loans during the 2008-2009 school year.
- College Loan Licks Its Wounds (Forbes)
The company will reportedly stop disbursing student loans after losing its funding.
- Eight student loan companies in settlement talks with Cuomo (Rochester Democrat and Chronicle)
Attorney General Andrew Cuomo is going to be in East Rochester on Monday to talk about his office's efforts to reform deceptive student loan practices.
- New York Plans to Sue Student Loan Company (New York Times)
The attorney general of New York is preparing a lawsuit against a student loan company, Goal Financial , charging that the lender broke state and federal laws by luring borrowers with iPods, cash and other gifts and that it misled consumers about loan terms and benefits, The New York Times?s Jonathan D. Glater reported, citing a senior official in the office.
- New York to sue student loan company: report (Reuters via Yahoo! News)
New York's state attorney general is planning to sue the student loan company, Goal Financial, accusing it of engaging in illegal practices to lure customers, the New York Times reported on Thursday.
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