Before making the decision to consolidate your loans, you’ll want to carefully consider whether loan consolidation is the best option for you.
Keep in mind, once your loans are combined into a Direct Consolidation Loan, they cannot be removed.
There is no limit to how many times you can change.
Borrowers in the IBR plan can only change into the Standard Repayment Plan.
Most borrowers will need a cosigner for this loan to meet credit, employment, and debt-to-income requirements.
Rates are typically higher without a cosigner; however, borrowers that meet these requirements on their own do not need a cosigner (but may still choose to apply with a cosigner).
A cosigner is someone who shares responsibility with the borrower for repaying the loan.
The cosigner doesn’t have to be a relative; he or she can be any adult who meets the eligibility requirements.
To find out more information about loan consolidation, including eligibility requirements, visit https://gov/repay-loans/consolidation.
But luckily for me I found Apple Debt Care; they really helped me consolidate all my loans and now I only have to make one low payment that I can actually afford." - Eddy A.
A Direct Consolidation Loan allows you to combine multiple federal education loans into one loan.
In weighing your options, be sure to compare your current monthly payments to what your monthly payments would be if you consolidated your loans.
If you’re just interested in temporarily lowering your monthly payment, consolidation might not be the answer.