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But you can get more IDR options if you consolidate your FFEL Program loan into a Direct Consolidation Loan. IDR plans base your loan payments on your income and family size, and these plans often provide lower monthly payments.
16 maj 2024 · Consolidate the FFELP loans into a Federal Direct Consolidation Loan. Refinance the FFELP loans into a private student loan. In this article, we'll examine the pros and cons of the latter two options. Note: There has been an updated IDR Waiver that could impact old FFEL Loans.
2 sty 2024 · FFELP loans are only eligible for IDR plans if you consolidate them with a direct consolidation loan. However, FFELP loans are eligible for other payment plans: Extended.
20 paź 2024 · To repay student loans using PAYE, SAVE or ICR, you must consolidate your FFEL loans into a Direct Consolidation Loan. If you don't consolidate your FFEL loans, IBR is the only IDR option. With IBR, monthly payments will generally be 15% of your discretionary income but never more than payments under a 10-year Standard Repayment Plan.
24 lip 2024 · FFEL loans can be consolidated into a direct consolidation loan, which opens the door to a broader range of repayment and loan forgiveness options.
22 wrz 2023 · You can consolidate FFEL loans into a Direct Consolidation Loan to pave the way for more repayment options and forgiveness plans.
2 kwi 2024 · In some cases, you might need to consolidate into the Direct Loan program (FFELP’s successor) to be eligible — but there are pitfalls to watch out for.
