Consolidating federal student loan debt

You’re generally eligible once you graduate, leave school or drop below half-time enrollment.Consolidating your federal loans through the Department of Education is free; steer clear of companies that charge fees to consolidate them for you.This site will provide you with accurate information and assistance to help resolve defaulted loans or grants assigned to the Department’s Default Resolution Group.The following loan and grant programs are included: Direct Loans, which includes Federal Stafford, Consolidation and PLUS loans that are offered through the William D. This includes TEACH Grants that have been converted to Direct Unsubsidized Loans.Borrowers have only one lender, the US Department of Education, for all loans included in a Direct Consolidation Loan.

So, for instance: If the average comes to 6.15%, your new interest rate will be 6.25%.Similarly, the Teacher Loan Forgiveness Program is available for teachers who work in schools that serve low-income families full-time for five consecutive years.The Financial meaning of the term: Taking Multiple debt or credit lines and consolidating them into one new payoff plan.Federal Pell Grants, Federal Supplemental Educational Opportunity Grants (FSEOG), Academic Competitiveness Grants, National SMART Grants, and TEACH Grants.In certain instances, you may have to repay part of a Federal grant awarded to you.

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