Ibr after consolidating

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Although your loan servicer will generally notify you of the date your first payment will be due, you can get in touch with the lender through the contact information on your Master Promissory Note.You should do this if you think it’s past time you heard from your loan holder, and especially if you’ve recently changed your address.Once either of those things happens, the clock starts on a six-month grace period during which you’re assumed to be getting financially settled.Repayment begins the day after the grace period ends — that’s when interest on the loan begins to accrue.You might want to do this to try to pay off the principal sooner.You should tell your servicer in writing, along with the loan payment, that you want the extra money to be applied to the loan principal.Be sure to follow up to make sure that the payment was applied properly.

By default you’ll go into a Standard Repayment Plan.As you weigh the pros and cons, keep in mind that timing is critical.With just a few exceptions, you get only one chance to consolidate with the government loan programs.It's estimated that roughly 50% of student loan borrowers qualify for some type of student loan forgiveness program.But this statistic is misleading, because a lot of borrowers think this means qualifying for some type of student loan forgiveness program. Actually, most borrowers qualify for student loan forgiveness through one of these “secret” ways.They can help you navigate the student loan terrain and help you systematically apply for the programs offered by the Department of Education.

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