Consolidating plus loans, choose your debt amount
Then, they will invite you to complete an application and send in documents regarding your bank information and income for us to review. Access Your Account Log In. Please wait before attempting to log in again or contact the borrower associated with the account to reset your password. With a Consolidation Plus loan, you could pay off all of your enrolled debt and consolidate it into a single payment instead of waiting for your debt settlement program to resolve one debt at a time.
Business days do not include weekends. We encourage you to continue making monthly payments because interest may continue to accrue on your outstanding principal balance. Leaving out your Direct Loans or Perkins Loans will preserve the benefits on those loans.
Settle Your Debt Faster Consolidation Plus provides your debt settlement company with funds to settle your debt faster. You may defer repayment of your loan s while you are in a full-time rehabilitation training program. If your application is approved, you can choose to start your Consolidation Plus program right away. Disclosures may be made to our contractors for the purpose of performing any programmatic function that requires disclosure of records. Should I consolidate my loans?
Freedom Financial Network
What Is Loan Consolidation
As a member of Freedom Financial Network, Consolidation Plus is committed to helping people overcome debt and start achieving their financial goals. When can I consolidate my loans? Unlike debt settlement, debt consolidation loans provide you with enough cash to pay off your outstanding debts and roll them into a single account, which could help simplify your payment schedule. However, interest will be charged on my unsubsidized loan s. All loan and rate terms are subject to eligibility restrictions, application review, loan amount, loan term, lender approval, and credit usage.
Are there different repayment plans? This does not restrict you from still making a payment in September, if you wish. You can always pay more without penalty, which will reduce your total cost of borrowing and save you money in the long run. No interest is charged during a deferment on subsidized loans and Interest is charged during a deferment on all unsubsidized loans. As a proud member of Freedom Financial Network, we are committed to the cause of helping our borrowers get out of debt and reach their financial goals.
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. Learn about consolidation so you can weigh the pros and cons and decide whether a Direct Consolidation Loan is right for you. The loans that were consolidated are paid off and no longer exist.
You can complete and submit the application online, or you can download and print a paper application from StudentLoans. The authorized official must provide the beginning and end date of the program that qualifies the borrower for the deferment. Eastern on a business day to be effective the same day.
Choose Your Debt Amount
Our employees have rated our company highly, too. Eligibility for a loan is not guaranteed. Support includes money, gifts, loans, housing, food, clothes, car, medical and dental care, and payment of college costs. If your account is currently past due, european free we may place a forbearance on your account to bring it up to date.
You can manage your Consolidation Plus account on your online Borrower Dashboard. We may send information to members of Congress if you ask them to help you with federal student aid questions. What are the requirements to consolidate a loan?
After your new Direct Consolidation Loan is complete, you may still add more eligible loans to your existing consolidation. Depending on your loan terms and how much you can pay each month, you could pay off your loan within months. Put Your Enrolled Debt in the Past After you have paid back your loan in full, you no longer owe the debt.
This system and equipment are subject to monitoring to ensure proper performance of applicable security features or procedures. You can also direct payments including partial payments to individual loans or groups, online dating red as a one-time or recurring special payment instruction. Participating in the William D. This means any unpaid interest will be added to your principal balance known as capitalization after your forbearance ends.
These companies have no affiliation with the U. Apply for a Loan We review your application within business days and, if you qualify, extend a loan offer to you. Unless you direct your payment to an individual loan or loan group, the standard allocation method is followed. During your forbearance, interest continues to accrue on your student loans. To assist program administrators with tracking refunds and cancellations, disclosures may be made to guaranty agencies, to financial and educational institutions, or to federal or state agencies.
You are still responsible for any payments due prior to this date. When do I begin repayment? In the event of litigation, we may send records to the Department of Justice, a court, adjudicative body, counsel, party, or witness if the disclosure is relevant and necessary to the litigation. If monitoring reveals possible evidence of criminal activity, online hook up badge such evidence may be provided to law enforcement personnel. This will keep the due dates for all loan groups aligned.
If I am reporting one-twelfth of my adjusted gross income, I must provide a copy of my most recently filed Federal Income Tax Return. Loan consolidation can also give you access to additional loan repayment plans and forgiveness programs. What Is Consolidation Plus?
Pros of Direct Loan Consolidation
- You will receive notification within business days when your request has been processed.
- Collection Calls While debt settlement programs have helped tens of thousands of people get out of debt, debt settlement could leave you open to collection calls and lawsuits.
- Get Approved for a Loan After sending in your application and other information, we will review your documents over business days to determine if you qualify for a loan.
- This will help keep the due dates for all loan groups aligned.
PLUS Student Loan Consolidation Information
- After sending in your application and other information, we will review your documents over business days to determine if you qualify for a loan.
- Once the loans in repayment status with the highest interest rate are paid in full, any remaining payment amount will be allocated across the loans with the next highest interest rate.
- If you submitted a paper application by U.
- If you make a partial payment, your current amount due will be reduced by the amount already paid.
- What is the interest rate on a consolidation loan?
- Such monitoring may result in the acquisition, recording, and analysis of all data being communicated, transmitted, processed, or stored in this system by a user.
Your deferment will not be processed until we receive all required information. How do I apply for a Direct Consolidation Loan? No interest will be charged on my subsidized loan s during my deferment. After you have paid back your loan in full, you no longer owe the debt.
To provide financial aid history information, disclosures may be made to educational institutions. We do not guarantee it will apply to your specific circumstances. If you do, we will send you an offer detailing your loan information, rate, and repayment terms. If you would like to cancel your forbearance, you may contact us at any time.
There is no cap on the interest rate of a Direct Consolidation Loan. Payments are allocated first to past due groups. The result is a single monthly payment instead of multiple payments.
After your current amount due is paid, payments are allocated across loans in repayment status starting with the highest interest rate. You Repay the Loan After your debt has been settled, your debt settlement program is complete and you start repaying your Consolidation Plus loan. Interest is charged during a forbearance on all types of federal student loans. Why Choose Consolidation Plus?
Instead of waiting for funds to build up in your account, all of your outstanding debts are settled with your creditors in one lump sum. To provide default rate calculations, disclosures may be made to guaranty agencies, to financial and educational institutions, or to state agencies. The Consolidation Plus Borrower Dashboard allows you to manage your account online. As a member of Freedom Financial Network, we are committed to helping people overcome debt and start on the path to a brighter financial future. If I do not pay the interest that accrues, the interest may be capitalized.
Consolidating your federal education loans can simplify your payments, but it also can result in the loss of some benefits. Federal student loan borrowers have the option of consolidating their loans via the Direct Consolidation Loan program offered by the U. Consolidating allows you to merge multiple eligible loans into a single loan. Like any other loan, Consolidation Plus loans require you to pay back the loan with interest. Once your debt relief company settles your debts using our loan, your debt relief program is finished and you begin making payments on your Consolidation Plus loan.