Obama consolidating loans

We use cookies and other technologies to customize your experience, perform analytics and deliver personalized advertising on our sites, apps and newsletters and across the Internet based on your interests.By clicking “I agree” below, you consent to the use by us and our third-party partners of cookies and data gathered from your use of our platforms.If you continue borrowing for graduate school, it’s easy to add another 4-6 lenders to the mix.Each one of these student loans has its own due dates, interest rates and payment amounts.The Administration is also planning to offer student borrowers the chance to better manage their debt by consolidating their federal student loans.Today, approximately 5.8 million borrowers have both a Direct Loan (DL) and a Federal Family Education Loan (FFEL) that require separate payments, which makes them more likely to default.

Building on the model of the “Financial Aid Shopping Sheet”, the President has also tasked the Chief Technology Officer with further leveraging data and technology to help provide college- bound students and parents with more comparative information about college costs and college aid so they can make more informed decisions about where to enroll. WASHINGTON, DC – Today, the Obama Administration announced it is taking steps to increase college affordability by making it easier to manage student loan debt.The announcement is part of a series of executive actions to put Americans back to work and strengthen the economy because we can’t wait for Congressional Republicans to act.To address the needs of these borrowers, the Administration will allow borrowers the convenience of a single payment to a single lender for both loans.Borrowers who take advantage of this consolidation option, which begins in January, would also receive up to a 0.5 percent reduction in their interest rate on some of their loans, which means lower monthly payments that would save hundreds of dollars in interest.

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