Otherwise, if you experience difficulty making payments, you should reach out to your lender to see if any other payment arrangements can be made.So Fi is one of the leaders in the student loan refinance industry, and it offers refinancing specifically for Parent PLUS loans.Federal student loan borrowers have the option of consolidating their loans via the Direct Consolidation Loan program offered by the U. That loan is then serviced by the servicer of your choosing – of which Nelnet is one!
While rising student loan debt totals are concerning for graduates, Parent PLUS loans can be troubling for those in their 40s and 50s trying to plan for retirement.
If you’re in this situation, you should consider refinancing your PLUS loans to lower your interest rate and make the loan more affordable.
Direct PLUS loans have had interest rates ranging from 6 – 8% over the last few years, and many refinance programs have rates as low as 2% – 4%.
Refinancing can save you hundreds of dollars per month.
If you would like to add other eligible loans, your servicer must receive your Request to Add Loans Form within 180 days from the date your Direct Consolidation Loan is completed (originated).
If you choose Nelnet to originate and service your Direct Consolidation Loan, you may request to add other eligible loans to it by completing the Request to Add Loans Form and send it to Nelnet via email Direct Loan [email protected], fax (402.858.3929), or mail to: Nelnet P.
Ideally, you should find a lender willing to refinance your loan on similar terms with a lower interest rate.
If your current loan balance is ,000 and you have an 8% APR with 5 years remaining, and you refinance to a 5.99% APR with 5 years, you’ll save 8.95 on interest.
If you extend your repayment term, you’ll have a lower monthly payment, but you’ll pay more over the life of the loan due to the amount of interest that will accrue.
Additionally, if you’re trying to retire sooner rather than later, extending your term might not be in your best interest.
Thankfully, most student loan refinance programs and Parent PLUS refinance programs don’t have fees associated with the loan, so you don’t need to worry about paying origination or application fees.