{"id":1068,"date":"2024-02-03T20:21:07","date_gmt":"2024-02-03T20:21:07","guid":{"rendered":"https:\/\/nammatech.com\/?p=1068"},"modified":"2024-02-03T20:21:07","modified_gmt":"2024-02-03T20:21:07","slug":"direct-consolidation-loan-application","status":"publish","type":"post","link":"https:\/\/nammatech.com\/direct-consolidation-loan-application\/","title":{"rendered":"How to Apply for Direct Consolidation Loan Application?"},"content":{"rendered":"\n

Direct consolidation is a loan that generally combines more than two loans into one loan. There is an interest rate that needs to be paid on this. The new rate of interest that a person has to pay depends on the median rate of the loans that are combined. Not all are entitled to these loans. The applicant has to qualify and fulfill certain criteria to get the loan. <\/p>\n\n\n\n

There are numerous privileges that an applicant gets with the Direct Consolidation Loan such as lower monthly payments as the term of the loan is extended to generally 30 years. There are several payment options that an applicant gets for the loan. In addition to this, the candidate also gets a lower rate of interest rate. The candidate also gets forgiveness options access. With this, the applicant has to pay only a single payment so there is no chance that the applicant forgets about the payments. <\/p>\n\n\n\n

With loan consolidation, a person gets access to other additional repayments of loan and also the forgiveness programs. The borrower can also cancel the repayments of the leftover principal and interest that is owned on a loan(student). The applicant does not need to pay income tax along with the loan forgiveness on the loan payments which are canceled. <\/p>\n\n\n\n

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What is a Direct Consolidation Loan?<\/h2>\n\n\n\n

The DSL is a federal loan that generally amalgamates two or three education loans. There is a fixed interest rate that the applicant pays for a loan. This is basically an average rate of loans that are consolidated. There is no extra cost that the borrower needs to pay for the loan. The application form is to be paid and that comes with no more charges. <\/p>\n\n\n\n

There are certain criteria to get entitled to the Direct Consolidation Loan. The private loans are not qualified under this. This is a relief that the government has done for the candidates due to the pandemic. This gives privilege to the people in lowering their count of loan payments that are done every month by combining all the payments into a single one. The U.S. department of education will facilitate these loan payments and there is no extra payment for this. <\/p>\n\n\n\n

Who is Eligible for it?<\/h3>\n\n\n\n

All the candidates who fulfill the mentioned prerequisites are qualified for direct consolidation. These are as follows:<\/p>\n\n\n\n