If you would like to add other eligible loans, your servicer must receive your Request to Add Loans Form within 180 days from the date your Direct Consolidation Loan is completed (originated).If you choose Nelnet to originate and service your Direct Consolidation Loan, you may request to add other eligible loans to it by completing the Request to Add Loans Form and send it to Nelnet via email Direct Loan [email protected], fax (402.858.3929), or mail to: Nelnet P. The creation of this one loan, which may reduce monthly payments and extend the lending time, creates the chance for easier repayment of all federal loans.
You’ll start making your one new payment immediately on your consolidated federal student loans. government offers you several repayment plans, including some that give you a maximum of 25 years to pay off your student debt, while others are tailored to your income and family size.
If you’re paying off federal student loans, you are one of nearly 37 million borrowers with outstanding student debt. You can even switch your plan if your needs change.
When you decide to consolidate, our partners will make the process easy for you. The federal student loan consolidation application process is detailed. Your paperwork will be prepared and submitted for you, with your approval.
This is the second chance you've been waiting for: a lower payment and a more forgiving timeline.
Learn more about federal student loans Private loans, also referred to as alternative education loans, are backed by private lenders, while federal loans are backed by the U. The first part of your plan is providing a snapshot of your overall financial picture to a trusted partner of
Your options are determined by the amount of debt you carry and the current difficulty you have in fulfilling your monthly obligations.Consolidated public loans under the federal government program are considered paid in full by the new loan.The program was created to encourage educational pursuits by making otherwise unmanageable public loans practical for repayment and in a timely fashion.Even if your student loans don’t strain your wallet, consolidating them into one payment could free up additional cash, or help to structure payback of your loans on your terms.You may want a payment plan contingent on your income, or you may want to stretch your loan payback over a longer period of time for the lowest fixed payment.There are a number of factors to consider before you decide if consolidation is the best choice for you.