Consolidating student loans july

Federal education loans also offer death and disability discharges; only a handful of private student loan programs offer similar discharge options.Other forms of consumer credit, such as credit card debt, mortgages and auto loans, may not be included in a federal consolidation loan.Also, borrowers may rehabilitate defaulted loans by consolidating them and agreeing to repay them in the income-based repayment plan.The interest rate on a federal consolidation loan is a fixed rate equal to the weighted average of the interest rates on the federal education loans that are being consolidated, rounded up to the nearest one-eighth of one percent.If a borrower’s private student loans were obtained with a cosigner, and the private consolidation loan does not involve a cosigner, consolidating the private student loans releases the cosigner from his/her obligation. However, since the interest rates on a private student loan usually depend on the higher of the borrower’s and cosigner’s credit scores, this may lead to an increase in the interest rate on the private consolidation loan, unless the borrower’s current credit score is better than the cosigner’s previous credit score.While one could use a private consolidation loan to refinance federal education loans, this is generally not recommended.

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The Higher Education Reconciliation Act of 2005 repealed this provision, effective July 1, 2006, because of problems that occurred when the married borrowers subsequently got divorced.

The first payment on a federal consolidation loan is due no more than 60 days from the date of disbursement.

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