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Normally to bring defaulted federal student loans current, you would need to make at least nine consecutive payments on time to get each loan up to date.If you’re already struggling to keep up with your payments, that can be tough.
The amount of debt you have sets the term length on your consolidation loan: There are no fees for consolidating and no penalties for early repayment.
So you can consolidate without adding to what you owe.
With this option however, you consolidate and pay off debt to immediately fix the default status on your debt.
One thing that’s critical to note – if you use a Direct Consolidation Loan to bring defaulted debt current, !
From a credit standpoint, it’s like the default never happened.
However, if you bring defaulted debt current by consolidating with a Direct Consolidation, you bring the debt current but you don’t remove the previous negative remarks from your credit report.Everything you need to know about Federal Direct Consolidation Loans The interest rate on your new loan is not dependent on your credit score, which is good news if defaults have damaged your credit.Instead the rate is determined by taking a weighted average of your current rates, then adding 1/8 of 1%.You can also pay the balance off faster if you have the funds without penalties.Direct consolidation restrictions and additional notes As described above, one of the benefits of consolidating this way is that it immediately brings defaulted debt current so you can qualify for Federal Repayment Plans.If you just want a quick and easy snapshot, you can visit our Solutions page for Federal Debt Consolidation Loans.Tags: Adult Dating, affair dating, sex dating