All of us are aware of the outcome of being delinquent or defaulting on our federal student loans. Though 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 as there is no other option. When the bill starts coming in, 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 opt for any credit such as credit cards, mortgages or auto loans in future. Missing interest will also saddle you with a huge cumulative interest. It becomes vital staying over your debt by at least making arrangements to pay the minimum monthly amount.

You can apply 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 temporary suspension from payments till you set right your finances. Those who are in extreme economic hardship, those who are unemployed or those who are in school at least half time can opt for deferment. It is advisable before considering any repayment plan that you contact the direct loans servicing center for more information.

In order to avoid being penalized 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 term of your loan enough to accommodate payments within your capability 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 various repayment options you can choose from including the standard, graduated and extended.

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

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