Federal Student Loan Consolidation
Miami, Florida Attorneys with 80+ Years of Combined Legal Experience
There are many potential benefits associated with consolidating your federal student loans. Oftentimes, if your federal student loans are in default, consolidation will cure the default and help you get back on track with your payments. Consolidation can help you avoid negative consequences, such as administrative wage garnishment, federal tax offsets, and federal student loan lawsuits.
If you are interested in utilizing federal student loan consolidation as a viable financial solution to your current problems, our firm is here to help. We can analyze the details of your case to determine whether or not consolidation is the best option for you.
About Federal Student Loan Consolidation
Consolidation of federal student loans involves filling out documents, including a new promissory note, which results in a new Direct Consolidation Loan with the federal government. There are many nuances involved and strategic decisions to make if you are considering consolidating your federal student loans.
The benefits of consolidation include:
- Your loan repayment is simplified by centralizing your loans to one bill
- Your monthly payments may be lower, giving you up to 30 years to repay your loans
- You may have access to alternative repayment plans that you would not have had before
- You will be able to switch your variable interest rate loans to a fixed interest rate
When Not To Consolidate
However, not all federal student loan situations are the same. In some circumstances, consolidation is not advantageous, and could result in losing certain benefits offered with the original loans. Plus, if you consolidate certain loans with other certain loans (such as Parent PLUS loans), you may be limiting your repayment options with the new consolidated loans.
Ready To Get Started? LSS Can Help!
Our team of Florida attorneys have more than 80 years of combined legal experience on our side, and we are committed to collaborating and finding effective financial solutions for our clients. We gain invaluable insight by working together as a team, which serves as a great advantage to our clients. If you have questions about your student loan debt and you would like to schedule an in depth strategy session to discuss your options, please contact our office.
Contact our legal team at LSS Law today to get started.
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