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Once I joined the Mv D team in late 2011, I realized that publicly sharing the details of our fight against debt – or, as the Bakers call it, radical financial transparency – could both motivate our family to keep going AND maybe motivate other members of the community as well.So I put it all out there in my introductory post from early March 2012: “Are You Sick and Tired of Being Broke and Tired? When we started sharing our updates, we’d already paid down about ,000 from our highest balance.Further, borrowers with joint FFEL consolidation loans, according to the Department, may not reconsolidate into Direct Loans and therefore are not eligible for public service loan forgiveness. The fixed rate is based on the weighted average of the interest rates on the loans at the time of consolidation, rounded up to the nearest one-eighth of a percentage point.The interest rate must not exceed 8.25% for consolidation loans prior to July 2013.Problems often arise if the ex-spouses are no longer in contact.
There are numerous problems that can arise–for example, if one of the divorced ex-spouses wants to apply for IBR.You can indicate this when you apply, and the consolidation servicer will wait to process your application until the appropriate time.APPLYING FOR DIRECT LOAN CONSOLIDATION The Department generally requires all borrowers to apply for Direct Loan consolidation using the web site. It is very important to review this sheet and check to make sure all of the loans you wanted to consolidate are included in the new consolidation loan.This may lead to a lower interest rate on a Direct Consolidation loan, but only if you are consolidating variable rate loans. You will generally receive your first bills within 60 days after the new Direct Consolidation loan is made.The good news is that the Department explains on its web site that if any loan you want to consolidate is still in the grace period, you can delay entering repayment on your new Direct Consolidation Loan until closer to your grace period end date.