Important Notice: Our web hosting provider recently started charging us for additional visits, which was unexpected. In response, we're seeking donations. Depending on the situation, we may explore different monetization options for our Community and Expert Contributors. It's crucial to provide more returns for their expertise and offer more Expert Validated Answers or AI Validated Answers. Learn more about our hosting issue here.

How does Total Education Indebtedness effect the repayment term of my Direct Consolidation Loan?

April 26, 2017consolidation Education Indebtedness loan repayment term total

0

Posted

How does Total Education Indebtedness effect the repayment term of my Direct Consolidation Loan?

1 Answer

0

Posted

If you elect to repay your Direct Consolidation Loan under either the Standard or Graduated Repayment Plans, your repayment term is determined based on your consolidation loan amount and other eligible education loans that are not part of your Direct Consolidation Loan as long as you provided information about those loans on your application. Here are examples of how Total Education Indebtedness effects the repayment term for your Direct Consolidation Loan. Your Existing Loans: Loan A $ 2,500 Loan B $ 6,000 Loan C $ 2,500 Loan D $ 7,500 Loan E $ 7,500 Loan F $13,000 Total Outstanding Amount $39,000 Examples 1 and 2 assume that you reported all your outstanding education loans on your consolidation application.