All of us are aware of the result of being delinquent or non-payment of our federal student loans. Though it is a good idea to evaluate the possibility of settlement before reaching out for a loan, most of the time, we go for the loan anyway because there is no other choice. When the bill starts coming in, we get nervous and think of options such as giving a call to the direct loans servicing center.

Missing payments kills your credit score that makes it impossible for you to go for any credit such as credit cards, mortgages or auto loans later. Missing interest will also burden you with a sizable cumulative interest. It turns out to be vital staying over your debt by at least planning to pay the minimum monthly amount.

You can apply for IBR or salary based repayment on your current loans. Here your monthly payment 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 short-term suspension from payments till you correct your finances. Those who are in extreme financial difficulty, those who are without a job 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 penalized there are a few steps you can think including federal loan consolidation. Consolidating your loans is a brilliant option that can help streamline and reduce monthly repayments. It is possible to extend the tenure of your loan enough to accommodate payments within your capability and funds.

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

Direct loan consolidation does not reduce your rate of interest. It simply 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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