Once your loans are combined into a Direct Consolidation Loan, they cannot be removed. If you want to lower your monthly payment amount but are concerned about the impact of loan consolidation, you might want to consider deferment or forbearance as options for short-term payment relief, or consider switching to an income-driven repayment plan.Tell them why it’s difficult for you, and try to work out a modified payment plan that reduces your payments to a more manageable level.Don’t wait until your accounts have been turned over to a debt collector.From there, you can either complete and submit the feedback form or select “Additional Information” and contact the Student Loan Support Center at the phone number provided.To ask questions after you have submitted your , contact the servicer for your new Direct Consolidation Loan. mail, your consolidation servicer’s contact information was available when you downloaded or printed the paper application.Top will let you know when the first payment is due.
There is no cap on the interest rate of a Direct Consolidation Loan.If you or someone you know is in financial hot water, consider these options: self-help using realistic budgeting and other techniques; debt relief services, like credit counseling or debt settlement from a reputable organization; debt consolidation; or bankruptcy. It depends on your level of debt, your level of discipline, and your prospects for the future.The first step toward taking control of your financial situation is to do a realistic assessment of how much money you take in and how much money you spend. Then, list your "fixed" expenses — those that are the same each month — like mortgage payments or rent, car payments, and insurance premiums.To ask questions about consolidating your loans before you apply for a Direct Consolidation Loan, contact the Student Loan Support Center at 1-800-557-7394.To request technical assistance while you are signed in and completing the online, select the “Contact Us” tab in the top menu bar of Student