Consolidating graduate school loans
When it comes to repaying your federal student loan, there’s a lot to consider. You don’t have to begin repaying most federal student loans until after you leave college or drop below half-time enrollment.Understanding the details of repayment can save you time and money. However, PLUS loans enter repayment once your loan is fully disbursed (paid out).Your lender will provide you with information about your repayment terms and your repayment start date.Your loan servicer will most likely be the school you were attending when you received the loan, but in some cases, the school will have a separate organization handle the billing and other services for your Perkins Loan.Keep in mind that your loan may have a grace period.The grace period is a set period of time after you graduate, leave school, or drop below half-time enrollment before you must begin repayment on your loan. Department of Education (ED) uses several loan servicers to handle the billing and other services on loans for the William D.Top You have a right to cancel all or a portion of a loan disbursement within 120 days of the date your school disbursed your loan money (by crediting the loan money to your school, by paying it directly to you, or both).If you choose to cancel, the money you received will have to be returned, but no interest or fees will be charged.
What should I do if I’m having trouble making my loan payment?Also ask your loan servicer about your options for a deferment or forbearance or loan consolidation.If you don’t make your student loan payment or make your payment late, your loan may eventually go into default.Paying a little extra each month can reduce the interest you pay and reduce your total cost of your loan over time.If you want to ensure that your loan is paid off faster, tell your loan servicer that the extra you pay is not intended to be put toward future payments.