I have way too many loans. Thankfully I finished college and got a good job. I heard that since the PLUS loan is in my parent’s name and the rest are in my name, I cannot consolidate. Can anyone help me out here? thank you.
It’s a good thing that you’re thinking about consolidation because it’s a great way to lower your interest rates and to make monthly payments easier.
Unfortunately you can’t consolidate your parent PLUS loan with your other loans because your parent must pay it. And you can’t consolidate federal loans with private loans. But you can consolidate any federal loans together and any private loans together.
You can read more about student loan consolidation here:
http://www.studentfinancedomain.com/student_loans/college_student_loan_consolidation.aspx
Good luck!
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I'm just wondering when they can no longer offset my tax refunds, etc. Also if you have any experience with the income contingent payment plan, please share. Thanks.
I copied this directly from the Direct Loan Consolidation Website
13. Can I Consolidate a Defaulted Loan?
http://loanconsolidation.ed.gov/help/faq.html#default
Generally, Federal education loan(s) in default may be consolidated in a Direct Consolidation Loan if borrowers:
Agree to repay the loan(s) under the Income Contingent Repayment Plan.
OR
Make satisfactory repayment arrangements with the current loan holder(s).
If, before applying for consolidation, borrowers who want to completely clear the default notation from their credit records, they may want to consider another option: loan rehabilitation. Borrowers should contact their loan holders to obtain more information about this option.
Borrowers cannot consolidate defaulted loans under these conditions:
- If a judgment has been issued against a defaulted loan, it cannot be included in the consolidation unless the judgment order has been vacated (dismissed).
- If they are trying to consolidate defaulted Direct Consolidation Loans.
- If they are trying to consolidate defaulted FFEL Consolidation Loans unless they have made satisfactory repayment arrangements with their current loan holder OR the borrowers agree to repay under the Income Contingent Repayment Plan.
- If they are trying to consolidate defaulted Perkins or health professions loans unless they have made satisfactory repayment arrangements with their current loan holders.
Note: Borrowers with defaulted FFEL or Direct Loan Program loans may be liable for collection costs incurred to collect the loans. If the holder of the defaulted loan, which may be either the U.S. Department of Education or a guaranty agency, retains a collection agency to collect defaulted loans, charges imposed by the collection agency may be added to the amount borrowers owe. This means that the amount of the Direct Consolidation Loan may include collection costs of up to 18.5% of the principal and interest outstanding on the defaulted loan.
For defaulted Perkins Loans and health professions loans, collection costs may equal as much as the amount owed at the time the defaulted loan is paid off through consolidation.
****************
The Income Contingent Payment Plan looks at your income each year, the total amount of federal student loan debt, and the number of people you support in your household to determine your payment amount. You can get a rough calculation of what your payments migh be here:
http://www.ed.gov/offices/OSFAP/DirectLoan/RepayCalc/dlentry2.html
*****************
As for the tax offset, I guess it would all depend on how long it took to get your loans consolidated, and how long before you began making payments. I would guess that the process would stop not long after you began making regular payments.
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www.edfed.com offers federal direct student loan. Lowest federal direct student loan Rates - Call Now: 800-821-5659. Lower Payments with federal direct student loan.
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Here are 4 student loan consolidation repayment plans that are available to you for your federal direct student loans.
Consolidating your student loans lowers your monthly payments so they fit your budget. You can choose the option from these 4 that best suits your situation so that your student loan repayment doesn’t become a serious financial burden.
The equal payment option allows you to consolidate your federal direct student loans using equal monthly payments. You receive a fixed interest rate on your loan and then make equal payments until your loan is paid off. The main benefit to you is this is the least expensive option since you pay both interest and principal. The consistency of this option helps – you know how much you pay each month and it won’t change.
If you anticipate needing lower monthly payments for the first couple of years, then a graduated repayment plan may be right for you. You begin by paying lower monthly payments (usually interest only). After a specified period of time (usually 2 to 5 years), your monthly payments are increased to include both interest and principal.
This option is more expensive than the equal payment method because the initial period only covers interest so it takes longer for you to pay off the principal. As a result, you get charged interest for a longer period of time.
If you have an equal payment or graduated repayment plan, you can extend your repayment to 15 years if you qualify. In order to qualify, you need to have an FFEL loan that was disbursed on or after October 7, 1998 and the total amount of FFEL debt you have must be greater than $30,000. By extending your loan repayment, you lower your monthly payments so they can better fit your financial situation.
You need to keep in mind that by extending your repayment, it becomes a more expensive option since you get charged interest for a longer period of time.
If your financial situation just can’t handle the repayment requirements of these options, then another of the student loan consolidation repayment plans is called income sensitive repayment. Your monthly payments are adjusted each year based on your gross annual income. It takes into account your total debts and the size of your family. Your lender requires documentation about your income and debts in order to properly assess your monthly payment level.
No matter what your financial situation is, there is an option for you. These 4 student loan consolidation repayment plans provide you with a wide range of options so you can repay your student loans and have those monthly payments fit your budget.
Here are 4 student loan consolidation repayment plans that are available to you for your federal direct student loans.
Consolidating your student loans lowers your monthly payments so they fit your budget. You can choose the option from these 4 that best suits your situation so that your student loan repayment doesn’t become a serious financial burden.
The equal payment option allows you to consolidate your federal direct student loans using equal monthly payments. You receive a fixed interest rate on your loan and then make equal payments until your loan is paid off. The main benefit to you is this is the least expensive option since you pay both interest and principal. The consistency of this option helps – you know how much you pay each month and it won’t change.
If you anticipate needing lower monthly payments for the first couple of years, then a graduated repayment plan may be right for you. You begin by paying lower monthly payments (usually interest only). After a specified period of time (usually 2 to 5 years), your monthly payments are increased to include both interest and principal.
This option is more expensive than the equal payment method because the initial period only covers interest so it takes longer for you to pay off the principal. As a result, you get charged interest for a longer period of time.
If you have an equal payment or graduated repayment plan, you can extend your repayment to 15 years if you qualify. In order to qualify, you need to have an FFEL loan that was disbursed on or after October 7, 1998 and the total amount of FFEL debt you have must be greater than $30,000. By extending your loan repayment, you lower your monthly payments so they can better fit your financial situation.
You need to keep in mind that by extending your repayment, it becomes a more expensive option since you get charged interest for a longer period of time.
If your financial situation just can’t handle the repayment requirements of these options, then another of the student loan consolidation repayment plans is called income sensitive repayment. Your monthly payments are adjusted each year based on your gross annual income. It takes into account your total debts and the size of your family. Your lender requires documentation about your income and debts in order to properly assess your monthly payment level.
No matter what your financial situation is, there is an option for you. These 4 student loan consolidation repayment plans provide you with a wide range of options so you can repay your student loans and have those monthly payments fit your budget.
Do they have the best rate? After all, THEY ARE the government, whom regulates rates, correct?
Direct Loan Servicing is definately an option for you when you are considering consolidating your Federal Student Loans. Also, yes the Federal Government are the ones who regulate the interest rate on Federal Student Loans. The interest rate is established every July 1st of the year and is regulated by the T-bill.
Keep in mind, because Direct Loan Servicing is, in essence, the Federal Government they rarely pursue someone to consolidate their Federal Student Loans since they are so overwhelmed with the process of issuing Federal Student Loans. Because of this they task other companies to deal with the consolidation volume. The other companies the Federal Government tasks to do this offer the FFELP Consolidation Loan Program which is also regulated by the Federal Government so these companies must all follow the same rules and regulations as Direct Loan Servicing.
One thing the FFELP Consolidation Loan Programs offers is additional Borrower Benefits for those who qualify. The FFELP Consolidation Loan Program companies also offer their assistance in filling out your paperwork, which can be difficult at times. For more information on borrower benefits please visit the source below.
