Consolidating student loan with buying a home
If you’re thinking about trying to consolidate federal loans you took out as a student, consider these: First, make certain you are eligible.
At least one of your Federal Family Education Loans, Direct Loans or Direct PLUS loans must be in deferred, grace, or repayment status.
Loan cannot be consolidated if they are still in-school status. The biggest attraction to consolidating student loans is the reduced monthly payment via the income based repayment plans.
One thing that’s important to keep in mind is that your repayment term may be extended if you have already been paying on your loans for a long time.
In all repayment plans, when the term is finished on your loan the balance is forgiven.
Fourth, if you think being in deferment is a solution, think again.
Another forgiveness aspect is that when you enter into the Income Based Repayment, your first three years of unpaid interest are forgiven.
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Most of the repayment terms are decided upon the balance of your loan.
Third, take a look at the different , or Income Contingent repayment, you would be eligible for Public Service Loan Forgiveness after 10 years of paying on those loans.