{"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