Determine how much you can afford to pay each month. And it's your responsibility to keep your servicer in the loop.If you've already been hired for your first job, you already know your starting salary. Contact us to make sure we have your most current information.For any other defaulted Federal education loan, all collection costs that are owed may be charged to the borrower.Upon receipt of the proceeds of a Direct Consolidation Loan, the holder of a consolidated loan must promptly apply the proceeds to fully discharge the borrower's obligation on the consolidated loan.Making timely payments will help you establish a good credit history and demonstrate to other creditors that you are a responsible borrower, a quality that can benefit you for many years into the future.
In this article, we’ll try to answer many of those questions for you. If you have multiple private loans, you would need to give your private loan provider a call and see what options you have.
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No origination fees in most states, no prepayment penalties.
However, federal and private student loans can’t be consolidated with each other through the federal government.
This is because you will lose many of your rights when you consolidate your federal loans through a private lender.