Disadvantages of consolidating student loans
Or talk with a Take Charge America student loan counselor.
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If consolidation would cause you to lose the benefits associated with some of your current loans and you are working toward earning those benefits, you should not include those loans in your new Direct Consolidation Loan.
Whom do I contact if I have questions about consolidation?
When a student loan goes into default, borrowers have a choice to make.
However, both advantages, as well as drawbacks, are associated with consolidating the student loans.There is no cap on the interest rate of a Direct Consolidation Loan.Repayment of a Direct Consolidation Loan will begin within 60 days after the loan is disbursed (paid out).Discuss the following drawbacks when deciding if consolidation is right for you: Be sure to weigh the positives and negatives of the choice to consolidate defaulted student loans before making a decision.If consolidation is the best option for you, your loan servicer can help you get started.