Consolidating student loans bankruptcy
You should consider the pros and cons of consolidation before making this choice.
This section contains information about how to consolidate if you have already defaulted on your loans.
WARNING: It is very dangerous to consolidate federal loans into a private consolidation loan.
Despite what a collector may tell you, if you select income driven repayment, you do not have to make three payments before applying for consolidation.
All borrowers, including those in default, must apply on-line through or download the paper application and mail it to the Department.
Before the Department will complete the process, they will send you a summary sheet that lists the loans that will be included in the consolidation.
It will also list the repayment plan that you selected.
While they are collecting the information needed to make the monthly payment calculation, the Department may ask you to pay an initial amount that covers the monthly interest.
If you cannot afford this payment, you may request a forbearance that will last until you are notified of your actual payment.
In most cases when you are consolidating out of default, the lender will add collection costs to the new loan balance.
This should be no more than 18.5% of the outstanding principal and interest.
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