Frequently Asked Questions
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Student loans
Payment options
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Student Loans:
Borrowers can repay their consolidation loan(s) using a variety of repayment plans with varying terms, including an Income Contingent Repayment and an Income-Based Repayment Plan. Clear Start may review them with you to ensure they are basic and understandable. These plans are intended to be adaptable to accommodate the diverse and changing demands of borrowers. Borrowers with a consolidation loan have the flexibility to change repayment plans at anytime.
A Direct Consolidation Loan does not require a minimum loan amount!
People considering Student Loan advice have numerous alternatives and frequently want advice in determining the best course of action. They require reliable resources and services. People looking for help with their student loans should look into the various government-approved programs and pa plans that are designed to help individuals suffering with their current student loan debts and payments – but this can be a daunting undertaking.
Payment OPtions:
If you’re having difficulties making your monthly payments and have exhausted your deferment and forbearance options, a Direct Consolidation Loan could help.
If you make payments to more than one lender each month and would like the convenience of a single monthly payment, consolidation may be suitable for you. With a Direct Consolidation Loan, you’ll have a single government lender and one monthly payment.
If your federal education loans have variable interest rates, you should consider consolidating. A Direct Consolidation Loan’s interest rate is fixed for its entire life. The rate is calculated using the weighted average interest rate of the aggregated loans, rounded to the next higher one-eighth of one percent, and cannot exceed 8.25 percent.
Other Questions:
A consolidation loan might help a borrower’s budget by lowering the overall monthly payment. A consolidation loan’s minimum monthly payment may be lower than a borrower’s total monthly installments. Federal education loans.
You must have at least one Direct Loan or FFEL Program loan that is in the grace period or repayment.
In 2007, Congress established the Public Service Loan Forgiveness Program to encourage people to enter and stay in full-time public service positions. Borrowers may be eligible for forgiveness of the remaining sum due on their qualified federal student loans after making 120 payments under certain repayment programs while working full-time for certain public sector organizations. Call today to chat with a specialist and see if you qualify.