Department of Education made the landmark decision to allow you to choose your consolidation servicer (of which, Great Lakes is one) under the Direct Consolidation Loan program.
Since you must select a repayment plan on your application, start by determining which plan makes the most sense for your situation.
I would like your advice since I went back to college am 40yrs old now that I finished college.
Note: Depending on your situation, there may be eligibility requirements for certain plans.
Refer to the consolidation application for more information about repayment plan eligibility. Your information won't be saved if you navigate away from the online application.
But based on your past income and circumstances, your income contingent payment may be as low as $0 per month at the moment.
A Direct Consolidation Loan allows you to consolidate (combine) multiple federal education loans into one loan at no cost to you.
To identify your current plan with Great Lakes, and to investigate other plans, select tab to estimate your monthly payment under various repayment options.
You may be able to change plans at any time, based on eligiblity requirements.
Are you tired of managing multiple federal student loan payments with multiple interest rates or multiple servicers? The online application should then only take you about 30 minutes to complete.
It's important to gather your application information ahead of time, especially since you're required to complete your application in one session.
I am thinking of consolidating all my loans, but should I use the Federal Student Aid to consolidate both the Direct and Stafford loans ( do they consolidate both direct and stafford loans), or is there a different website for the government consolidation for both direct and stafford student loans?
Also, If I consolidate my student loans, if I need to do so can get a forbearance If I can't pay for some reason till the following month?
I ask this because I have not found a clear answer online.