Consolidating stafford and perkins loans

by  |  24-Oct-2019 10:33

The good news is I just got hired by a company in my field, but won't start work till the first week in December, and my first check isn't till the 15th of December (when the first loan payment will be sent to me).

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Borrowers employed in public service jobs that have a high level of income and a low level of debt may not benefit from this Public Service Loan Forgiveness Plan.

Some loans are always ineligible for consolidation.

Consolidation loans have longer terms than other loans. Although the monthly repayments are lower, the total amount paid over the term of the loan is higher than would be paid with other loans.

The fixed interest rate is calculated as the weighted average of the interest rates of the loans being consolidated, assigning relative weights according to the amounts borrowed, rounded up to the nearest 0.125%, and capped at 8.25%.

Some features of the original consolidated loans, such as postgraduation grace periods and special forgiveness circumstances, are not carried over into the consolidation loan, and consolidation loans are not universally suitable for all debtors.

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