Eligible consolidating lenders

24 Apr

Simply put, this is the process of combining your multiple student loans into a single, bigger loan, possibly with a new lender.You’ll no longer owe the original loans, and since this consolidated loan is new, it will come with a new interest rate, a new payment policy, and new terms and conditions.You have several options for getting your loan out of default.These include repayment in full,loan rehabilitation, andloan consolidation.The advantages are outweigh any other mortgage program and include and include the following: For many Florida FHA mortgage applicants, using an FHA mortgage can really make the difference between owning your dream house affordability and getting out of the never ending rental trap.The FHA mortgage provides a wealth of benefits for Florida mortgage applicants that qualify, so please make full use of them.Once your loan is rehabilitated, the default status will be removed from your loan.You will regain eligibility for benefits that were available on the loan before you defaulted, such as , and you will be eligible to receive additional federal student aid.

One option you have when you begin tackling your student loan debt is to explore loan consolidation.Read the other posts in the series here—and get all the info you need to make intelligent decisions about your student loans.And while you’re at it, check out So Fi’s new Student Loan Debt Navigator tool to assess your student loan repayment options. With prevailing interest rates at historic lows, some private lenders offer rates that are significantly better than a high-rate federal loan.For example, under the Public Service Loan Forgiveness Program (PSLFP), your Direct Loan balance may be eligible for forgiveness after 120 payments if you’ve worked in the public sector that entire time.Similarly, the Teacher Loan Forgiveness Program is available for teachers who work in schools that serve low-income families full-time for five consecutive years.