All of us are aware of the result of being delinquent or non-payment of our federal student loans. While it is a good idea calculating the feasibility of repayment before reaching out for a loan, most of the time, we go for the loan anyway because there is no other option. When the repayment schedule starts, we start to panic and consider options such as calling the direct loans servicing center.

Missing payments kills your credit score that makes it impossible for you to apply for any credit such as credit cards, mortgages or auto loans in future. Not paying interest will also saddle you with a huge cumulative interest. It becomes vital staying over your debt by at least making provisions to pay the minimum monthly amount.

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

Another possibility is deferment where you can take a provisional suspension from payments till you set right your finances. Those who are in severe economic hardship, those who are unemployed or those who are in school at least half time can opt for deferment. It is recommended before considering any repayment plan that you speak to the direct loans servicing center for more information.

In order to avoid being punished there are certain steps you can take including federal loan consolidation. Consolidating your loans is an excellent option that can help streamline and reduce monthly repayments. It is possible to extend the period of your loan enough to accommodate payments within your ability and budget.

The weighted average of all your previous loans is taken into consideration to work out the repayment for direct loan consolidation. There are several repayment options you can decide from including the standard, graduated and extended.

Direct loan consolidation will not bring down your interest rate. It only extends your loan term to make repayments manageable. The direct loans servicing center will guide you in managing your loan portfolio and make your job simpler.

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