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

Missing payments downgrades your credit score that makes it hopeless 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 happens to be vital to stay over your balance payments by at least making provisions to pay the minimum monthly amount.

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

Another possibility is rescheduling where you can take a provisional suspension from payments till you correct your finances. Those who are in intense economic hardship, those who are out of work or those who are in school at least half time can opt for postponement. It is recommended before going for 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 a great option that can help reorganize and reduce monthly repayments. It is viable to extend the period of your loan enough to accommodate payments within your capacity and budget.

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

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

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