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The repayment plans tied to your income are good options for many borrowers.
You should review the Department’s repayment estimator to get estimates of your monthly payments under different repayment plans.
The fixed rate is the weighted average of the interest rates on the loans being consolidated, rounded up to the nearest one-eighth of one percent.
If you select this option, you won’t have to begin making payments on your new Direct Consolidation Loan until closer to the end of the grace period on your current loans.The repaying out of default section has information about getting out of default through repayment.Lenders are allowed to credit any payment received first to accrued late charges or collection costs, then to any outstanding interest, and finally to outstanding principal.This is also true for schools collecting Perkins loans.This means, for example, that, if the collection rate for a particular year is 24%, then 24% of each payment you make is applied to collection costs, the balance to interest, and then, if the payment is sufficient, to the reduction in the principal.
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When you apply for a Direct Consolidation Loan, you don’t have to consolidate all of your eligible loans.