Dept of ed consolidating student loans
The Direct Consolidation Loan Program lets you combine one or more federal student loans into a single new loan. The following are some of the details about the Direct Consolidation Loan Program: Consolidation loans do not have six- or nine-month grace periods the way some other loans do—you must begin repayment on a consolidation loan within 60 days of disbursement, regardless of whether the grace periods on the individual loan(s) has ended.
So instead of making several different student loan payments, you make one monthly payment for all your federal student loans. A question you will have to consider if you choose to consolidate is when to do it—before or after the grace periods on your individual loan(s) end.
Whenever possible, pay for college with financial aid that doesn’t get paid back; but when free-money gift aid doesn’t cover all your bills, turn to student loans to bridge your higher education affordability gap.
Unless your college fund is well-stocked, you’ll be scraping for student financial aid along with your school-mates.
Scholarships, grants and loans are funding staples for university students, who use them to pay for tuition, books, housing and other college fees.
While each form of aid tackles school expenses, there are important distinctions to be made between the types of available assistance.
Whether you’re taking out a new student loan or consolidating existing education loans, the Federal Trade Commission (FTC), the nation’s consumer protection agency, and the U. Department of Education (ED), the agency that oversees federal student loans, want you to know how to spot potentially deceptive claims or business practices some private companies may use to get your loan business.
Private companies may offer you loans and other forms of financial assistance for your education.Some blended hybrid-type awards consider a combination of performance and need to determine winners, so the difference between scholarships and grants is not always clear cut in black and white.