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Keeping track of that kind of schedule is complicated and part of the reason so many have defaulted.
It’s also why student loan consolidation is such an attractive solution.
If you decide to take out a loan, make sure you understand who is making the loan and the terms and conditions of the loan. Department of Education’s federal student loan program is the William D. Even though you don’t have to begin repaying your federal student loans right away, you shouldn’t wait to understand your responsibilities as a borrower.
Student loans can come from the federal government, from private sources such as a bank or financial institution, or from other organizations. Department of Education responsible for Health Education Assistance Loan (HEAL) Program loans? Get the scoop: Watch this video about responsible borrowing or browse the tips below it. Based on the results of your FAFSA form, your college or career school will send you a financial aid offer, which may include federal student loans.
Making one payment every month instead of many payments makes life simpler.
It often comes from different lenders, so it is not unusual to owe money to 8-10 separate lenders by the time you graduate.If you apply for financial aid, you may be offered loans as part of your school’s financial aid offer. You should not be afraid to take out federal student loans, but you should be smart about it.A loan is money you borrow and must pay back with interest. Federal student loans offer many benefits compared to other options you may consider when paying for college: Before you take out a loan, it’s important to understand that a loan is a legal obligation that makes you responsible for repaying the amount you borrow with interest.There are many good reasons to consolidate through the Direct Loan Consolidation program, not the least of which it keeps you alive for one of the income-based plans such as REPAYE (repay as you earn), PAYE (pay as you earn), IBR (income-based repayment) and ICR (income-contingent repayment).Here are more pros for the Direct Loan Consolidation program: If you have missed payments because you struggle keeping up with multiple loan servicers and multiple repayment dates, consolidation or refinancing is a valid choice.