Consolidating parent plus student loans 17 year old dating 30 year old
They sound like a good idea – parents can get Federal loans with all the great benefits that students get. In fact, Parent PLUS Loans don't offer any type of income-based repayment plan (directly) nor do they qualify any type of student loan forgiveness programs (well, once again, this is nuanced as well and we discuss below).First, there are a lot of myths surrounding what you can or can't do with Parent PLUS Loans, so let's bust those right now.
Refinancing with a private lender gives you the opportunity to carry your loan at a lower rate while you pay it off. The loans that were consolidated are paid off and no longer exist. Once your loans are combined into a Direct Consolidation Loan, they cannot be removed.There is no application fee to consolidate your federal education loans into a Direct Consolidation Loan. Department of Education (ED) or ED’s consolidation loan servicers. Top A Direct Consolidation Loan has a fixed interest rate for the life of the loan.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.