Start Consolidating student loans after bankruptcy

Consolidating student loans after bankruptcy

In that case, depending on your circumstances, you may be allowed to discharge the loan.

If your loan is subsidized, you won’t be responsible for making any payments until after you graduate.

Your interest rate typically should be 3.76% in 2017-2018 school year.

Though there are two major sources of student loans — federal and private – the federal side dominates the action, both in amount of money available and loan repayment programs.

There were 21 million students enrolled in colleges and universities in the fall of 2016 and eight million of them received federal loans from the William D. The students took in $136.3 billion in loans, or about $17,040 per student. Ford Federal Direct Loan Program includes Direct Subsidized Loans, Direct Unsubsidized Loans, Direct PLUS Loans and Direct Consolidation Loans.

Debt consolidation loans are used by many people struggling to pay their bills.

Consolidation loans are beneficial because they merge many different debts into one, lower your interest rate, and allow you to make one easy payment to pay off your debts.

Stafford Loans are more common than Perkins Loans, the other type of federal student loans.

Money for these loans comes directly from the federal government in a program called the Federal Direct Student Loan Program (FDSLP).

PLUS loans, originally called Parent Loans for Undergraduate Students, were created so parents could help fund their children’s educations.

Now, parents may take out Parent PLUS loans and graduate students may use Grad PLUS loans.

Stafford and Perkins loans are federal loans given directly to the student.