If you choose an income-driven plan, you’ll be asked to provide income information on the application by granting access to your IRS tax information.
The remainder of the application involves filling in basic personal information and providing names of two references who have known you for at least three years.After you review, sign and submit your application, continue making payments on your existing federal loans until your application has been processed.To find the best plan for you, check out Federal Student Aid’s repayment estimators before you begin the consolidation application.The tool shows you how much you’d pay per month on the various plans.When you’re ready, go to studentloans.gov, log in, and follow these steps to apply: You can consolidate all your federal loans or just some of them.
If you’re a parent with PLUS loans and you also have other federal student loans, you may want to consolidate your PLUS loans in a separate consolidation loan; consolidating them with your other federal loans will make that consolidation loan ineligible for all income-driven repayment plans except income-contingent repayment.
You should consult with your own financial advisor before making any major financial decisions, including investments or changes to your portfolio, and a qualified legal professional before executing any legal documents or taking any legal action.
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You might not be able to score a deal for the entire amount, but if you can get a fixed-rate personal loan to pay off some of the variable-rate student loan debt, that will offer you more stability.
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So, for instance: If the average comes to 6.15%, your new interest rate will be 6.25%.