Everyone is aware of the consequences of being unlawful or defaulting on our federal student finance. Though it is a good idea calculating the feasibility of repayment before starting a loan, most of the time, we take the loan anyhow as there is no other choice. When the bill starts coming in, we start to panic and consider options such as calling the direct loans servicing center.

Defaulting kills your credit score making it hopeless for you to opt for any credit such as credit cards, mortgages or auto loans later. Missing interest will also saddle you with a huge cumulative interest. It becomes fundamental staying on top of your balance payments by at least planning to pay the minimum monthly amount.

You can apply for IBR or income based repayment on your existing loans. Here the payment you make monthly towards the loan is estimated based on your family size and income. Payment is usually 10% of your income.

Another option is rescheduling where you can take a temporary suspension from payments till you fix your finances. Those who are in extreme economic hardship, those who are unemployed or those who are into studies at least half time can opt for deferment. It is best before going for any repayment plan that you contact the direct loans servicing center for more information.

To circumvent being penalized there are certain steps you can take including federal loan consolidation. Consolidating your loans is an excellent option that can aid streamline and minimize monthly repayments. It is viable to extend the term of your loan adequately to accommodate payments within your capability and budget.

The weighted average of all your previous loans is considered to work out the repayment for direct loan consolidation. There are different repayment preferences you can choose from like the standard, graduated and extended.

Direct loan consolidation does not bring down your interest rate. It only stretches your loan term to make repayments easier to manage. The direct loans servicing center will direct you in managing your loan portfolio and make life trouble-free.

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