All of us are aware of the consequences of being unlawful or non-payment of our federal student finance. While it is a good idea working out the possibility of repayment before starting a loan, most of the time, we take the loan anyhow because there is no other choice. When the repayment schedule starts, we start to panic and think of options such as calling the direct loans servicing center.

Defaulting kills your credit score making it impractical for you to go for any credit such as credit cards, mortgages or auto loans later. Not paying interest will also saddle you with a heavy cumulative interest. It becomes fundamental staying on top of your dues by at least planning to pay the minimum monthly amount.

You can request for IBR or earnings based repayment on your availed 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 postponement where you can take a short-term suspension from payments till you fix your finances. Those who are in intense economic difficulty, those who are unemployed or those who are in school at least half time can opt for deferment. It is best before going for any repayment plan that you speak to the direct loans servicing center for more information.

To circumvent being punished there are some steps you can think 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 tenure of your loan adequately to accommodate payments within your capacity and budget.

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

Direct loan consolidation will not decrease your rate of interest. It only extends your loan term to make repayments easier to manage. The direct loans servicing center will direct you in managing your loan portfolio and make your job trouble-free.

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