You may be contacted by private companies that offer to help you apply for a Direct Consolidation Loan, for a fee. There’s no need to pay anyone for assistance in getting a Direct Consolidation Loan. The fixed rate is the weighted average of the interest rates on the loans being consolidated, rounded up to the nearest one-eighth of one percent.
The loans that were consolidated are paid off and no longer exist.
Get your salary paid into the account to establish a transaction history. This won’t guarantee approval on your application but, it will help us understand your financial position better. Set up a regular savings plan Show you can afford to service a loan by saving a set amount regularly (every week or month).
Once your loans are combined into a Direct Consolidation Loan, they cannot be removed.
If you want to lower your monthly payment amount but are concerned about the impact of loan consolidation, you might want to consider deferment or forbearance as options for short-term payment relief, or consider switching to an income-driven repayment plan.
I was able to get a loan to pay off all my credit cards and have one payment per month.
To get myself debt free in the next 3 years and get my life back on track.
Bankruptcy information stays on a credit report for 10 years and can make it difficult to get credit, buy a home, get life insurance, or sometimes get a job.