For example, the consolidation loan in the previous paragraph says that of the ,000 consolidation loan balance, ,000 will be at 5.0% and ,000 at 6.8%, yielding an equivalent interest rate of 6.2%.
If you are consolidating loans with different interest rates, the weighted average interest rate will always be in between.
Note: Including a Perkins Loan in a consolidation will result in loss of entitlements.
You will no longer be able to apply for forgiveness (loan cancellation) for occupations such as teaching, nursing, social work, or law enforcement.
The federal government will do all of this for free. Questions about default repair and federal loan consolidation may be answered by our own BC Loan Repayment staff.
Recently there have been advertisements and infomercials on the radio and television regarding defaulted student loan debt relief .
Private companies are stating they can help stop harassing collection calls as well as restore credit for defaulted student loan debt.
Your signature on the consolidation application and promissory note obligates you to the terms of the new loan.
You do not have to consolidate all of your loans, but any loans you list on the application will be consolidated.