Do you have multiple loans with multiple lenders? Maybe your deferment or forbearance option has expired or about to expire? Are you finding it difficult to keep up with your monthly payments? If you answered yes to any of these questions, a federal student loan consolidation may be what you are looking for. Repayment plans currently available include:

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Benefits of the Consolidation

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One Monthly Payment

Consolidation means combining all of your loans into one monthly payment. When you consolidate Federal Loans, your new loan will be serviced by one servicer. When you consolidate your private loans, your loans will be services by one lending institution.

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Multiple Repayment Plans

Most Federal Student Loan borrowers are eligible for multiple repayment plans that are designed to make repayment easier for the borrower’s individual situation

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Deferment Options

Because a Federal Student Loan Consolidation is considered a new loan, it restarts the clock on deferments and forbearance for up to three years.

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Fixed Interest Rate

If you have multiple loans, you probably have a lot of different interest rates. A consolidated loan has a fixed rate for the life of the loan.

Income Based Repayment

Income Based Repayment

This consolidation plan payment will be based on your income during the time you have experienced a qualified hardship.

Your monthly payment may be adjusted annually and the repayment period under this plan may exceed 10 years. An IBR plan is based on your monthly income. Graduates with a low monthly income may qualify for a payment as low as $0 a month.

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Pay As You Earn Repayment (PAYE)

This plan usually has the lowest monthly payment of all plans that are based on your income.

The plan payment may increase or decrease each year based on your current income and family size.

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Pay As You Earn Repayment (PAYE)

Revised Pay As You Earn Repayment (REPAYE)

Revised Pay As You Earn Repayment (REPAYE)

In addition to the existing Pay As You Earn (PAYE) plan, the DOE offers a revised version of this plan as of 2015.

This new plan doesn’t limit your payments to 10% of your discretionary income as the original PAYE plan does. This revised plan was designed to open up eligibility to about five million more borrowers.

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Standard Repayment

Standard repayment means you’ll pay one, easy monthly payment for all eligible federal loans.

Payments are typically $50 or more. Through this plan, your loans will be repaid quickly but you may have a higher payment than what the other plans offer.

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Standard Repayment

Private Student Loan Consolidation

Private Student Loan Consolidation

You’ll pay one, easy monthly payment for all eligible Private Loans.

When refinancing your loans, your new consolidated loan will typically have a lower interest rate and a lower combined monthly payment.

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Ready to resolve your student loan debt?

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