Some Importance of Making Use of StudentLoans.gov
It is important to say this at this point. There are many importance of the StudentLoans.gov site. However, these six stand out. They all involve taking action with federal student loans. And also, making a student loan repayment plan for the future.
These functions form the basic reasons some persons visit the site. Below are some of the steps and useful ways of making use of StudentLoans.gov:
1. You Can Apply for Student Loans Here
No matter what kind of federal student loan you’re taking out, please note. In StudentLoans.gov site there is where to begin. The website’s homepage has several tabs as well as a drop-down menu. This allows you to easily find what you’re looking for.
For undergraduates, it all starts with completing the Free Application for Federal Student Aid (FAFSA). Also, you’ll want to create an FSA ID. This gives you access to an online account.
Furthermore, it serves as your legal signature. Graduate students, professional students, and parents can apply for PLUS loans here. Also, you can find helpful videos on the homepage to learn more about federal student loans. They include an overview of the financial aid process.
2. There is Provision Consolidate Your Student Loans Here
StudentLoans.gov is also where you can consolidate your federal student loans. One great feature you’ll find here and throughout the website are demos. They aim at helping you check out the process before applying.
Also, there’s no application fee to complete a Direct Consolidation Loan application. Consolidate your loans by logging into StudentLoans.gov. Click on the “consolidate my loans” section. You would see a long list of your student loans. Check all the loans you want to include.
You can see the titles of each individual loan by hovering over the question mark box with your mouse. As a matter of fact, the name should pop up when you do.
Also, you’ll be able to send your new consolidation loan to the servicer of your choice. Check which payment plan you want. The whole consolidation process should take about two months at most for everything to transition over.
3. You can Apply for an Income-Driven Repayment Plan Here
Very important; and please take note. Another thing you can do at StudentLoans.gov is apply for an income-driven repayment (IDR) plan. With IDR plans, your loan payments are based on your income. They’re great if you have a lower income but want to keep up with your payments.
Also, you may want to apply for an IDR plan. This is if you’re pursuing Public Service Loan Forgiveness (PSLF). If you aren’t going for PSLF, you can also seek loan forgiveness through income-driven repayment forgiveness.
Besides applying for an IDR plan, please note this. This is also where you need to go to submit your annual recertification of income. StudentLoans.gov is also where you head if you want to switch to a different IDR plan.
4. Helps You Endorse or Cosign a Student Loan
On the StudentLoans.gov website you can endorse or cosign a student Loan. If you need to endorse a Direct Plus Loan or cosign on an IDR plan please note. Those functions can be done through the StudentLoans.gov website as well.