Consolidating student loans with the federal government

25-Apr-2015 07:16 by 8 Comments

Consolidating student loans with the federal government - dating german online dating sites

To learn more about federal government loans, visit Student

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Whether you’re taking out a new student loan or consolidating existing education loans, the Federal Trade Commission (FTC), the nation’s consumer protection agency, and the U. Department of Education (ED), the agency that oversees federal student loans, want you to know how to spot potentially deceptive claims or business practices some private companies may use to get your loan business.

So if you have a mixture of loans, this may be your best option if your goal is to simplify your repayment to just one servicer.

As an insider tip, private student loan consolidation interest rates are affected my market conditions.

This is generally offered in connection with federal loans. Federal Student Aid interacts with postsecondary schools, financial institutions and other participants in the student aid programs to deliver services that help students and families plan and pay for college.

Here’s how to help identify potential problems related to loan consolidation: To learn about federal student loans, contact: U. Department of Education Federal Student Aid Information Center P. Box 84Washington, DC 20044-0084800-4-FED-AID (TTY: 800-730-8913) Notify the Federal Student Aid Ombudsman at 1-877-557-2575 if you have a complaint that you cannot resolve with your lender.

For questions about a particular lender, contact the federal agency with jurisdiction over that lender: The Office of the Comptroller of the Currency maintains Box 4503Iowa City, Iowa 52244(855) 411-CFPB (2372)The FTC regulates non-bank lenders, including retail, gasoline, finance, and mortgage companies.

Helpwithmybank.gov, a clearinghouse that provides people with answers to more than 250 frequently-asked questions on topics like bank accounts, deposit insurance, credit cards, consumer loans, insurance, mortgages, identity theft, and safe deposit boxes.

Remember that by consolidating and potentially switching servicers you may loose benefits associated with your previous lenders.

Be sure to take a closer look at which options you take advantage of and wish to maintain.

Paying for your education is a serious long-term financial obligation; that’s why comparing the costs of different ways of financing your education is so important.

Private loans tend to have higher fees and interest rates than federal government loans.

Private companies may offer you loans and other forms of financial assistance for your education.