The Free Federal Program to Consolidate Your Debt and Save - Government Assisted Consolidation Loans
Have you got some federal student loans that are choking your own monthly budget? Then the U. S. government might have just the cure with their Government Assisted Loan consolidation Loans. They are a federal program designed to merge all of your debts and bills into a single payment.
What this means is, that if you have several monthly payments or perhaps a number from several different loans, you can make things easier by consolidating them into one single loan to repay the total debt. This offers you an simple to manage payment, and in most cases, at a lower interest rate.
The official term for this government program is called Direct Consolidation loans plus they are provided to U. S. citizens by the Division of Education.
These Direct Consolidation loans are funded directly through the U. S. government instead of a private lender or lender. They allow borrowers to lock in low rates of interest and extend their repayment period beyond that supplied by the original loan. This results in lower monthly payments throughout the new consolidated loan.
How You Qualify For that Program
As stated at the beginning, you should have outstanding federal student loans. Then you must qualify based on your need which is evaluated based on your income, family size and the total outstanding balance of the federal student loans.
Some Benefits Of The Federal government Assisted Consolidation Loans:
- The ability to defer payments as much as 3 Years
- No payments for the first six months
- No loan origination costs or fees for Federal direct loan consolidation
- Extended loan payment period of up to thirty years.