The Complete Guide to Federal Direct Student Loan Consolidation
Federal direct consolidation is an essential move for some student loan borrowers and a huge mistake for others.
There is a long list of resources to knock out federal and private student loans. For many borrowers, the ideal approach will be a combination of some of the programs below.
If you are brand new to student loan repayment, this guide is a helpful starting point.
Federal direct consolidation is an essential move for some student loan borrowers and a huge mistake for others.
Options to speed up student loan forgiveness by paying extra are limited.
Borrowers on the extreme ends of the income spectrum won’t struggle when federal student loan repayment resumes. The borrowers in the middle are a different story.
Qualifying for a SAVE subsidy gives borrowers an opportunity to get creative with their debt elimination strategy.
For graduate borrowers, SAVE isn’t always the best student loan repayment plan. Some people might be better off with quicker forgiveness on PAYE or IBR.
Federal student loans resume charging interest on September 1, 2023.
There are many different federal repayment plans and each option comes with unique advantages and disadvantages.
The newest federal repayment plan makes refinancing a bit more risky for borrowers.
The SAVE interest subsidy makes it the best repayment plan for borrowers struggling to keep up with their federal student loans.