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Retain federal student loan benefits: When you consolidate federal student loans, you can still take advantage of income-driven repayment plans, forgiveness options and repayment hardship plans in ...
Key takeaways. Direct Consolidation Loans and private student loan refinancing helps make federal student loans more manageable by rolling several balances into a single loan product.
Consolidation can streamline your student debt and reduce your monthly payment. But it's not for every borrower.
The Bipartisan Student Loan Certainty Act of 2013 was a bill signed into law by President Barack Obama on August 9, 2013, [1] which, after more than a month of contentious debate between both parties about higher education and how the government should distribute loans, sets federal student loan rates to financial markets on all DIRECT student loans disbursed on or after July 1, 2013.
However, if a Parent PLUS Loan is consolidated into a Direct Consolidation Loan, then the Direct Consolidation Loan may be repaid under the ICR Plan. [2] Eligible loans for the IBR Plan are all loans made under the Ford Program and Federal Family Education Loan Program except for Parent PLUS Loans.
In 10 years, the loan program experienced 230% growth in the loan portfolio and 130% growth in the loan recipients. Student loan debt in 2019 is the highest it has ever been. According to the latest loan debt statistics, student loan debt has become the second highest consumer debt category behind mortgage debt. [15]