Today, some common student loan consolidation questions answered. These are some of the most popular questions we've received about student loan consolidation.
Q: I'm about to enter repayment, and I received a letter telling me my payment, but I know I can't afford that much every month. Is there a way to lower the payments?
A: It may be possible to consolidate your loans to lower your monthly payments. There are also several options available to assist borrowers with the repayment of their loans, including Graduated Repayment, Income Sensitive, and Level Repayment. To learn more about these repayment options, contact your lender.
Q: How will I know when my first payment is due?
A: You should receive a repayment obligation and billing statement approximately one month prior to your first payment being due.
Q: I've never heard of forbearance before. Does having forbearance affect my credit in a negative manner?
A: Actually, placing your account on forbearance will assist in protecting your credit by preventing your loan from being reported to the credit agencies as delinquent. Be careful not to use your forbearance needlessly though as you only are allowed so much time throughout the repayment of your loan.
There are many other questions that we've received from time to time and will be making future posts in the future. To learn more, visit the Student loan consolidation blog on a regular basis.
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