Consolidating non federal student loan

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If you miss the deadline, unpaid accrued interest may be capitalized (added to the Unpaid Principal), and your monthly payment will no longer be based on your income.This may cause your Monthly Payment Amount to increase.Generally, this is around the same time of the year that you first began repayment under the IDR plan that you selected.It's important for you to provide the required information by the specified annual deadline.Federal loan consolidation can be helpful for borrowers who want to combine their eligible federal student loans into a single Direct Consolidation Loan.It's important to understand and carefully consider all factors before consolidating.There is a deferment for Health Education Assistance Loan (HEAL) borrowers as well.Military Service and Post-Active Duty You can postpone federal loan payments if you are an eligible servicemember serving active duty during a war, military operation, or national emergency.

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Rehabilitation Training Program You may be eligible if you are enrolled in an approved rehabilitation training program for the disabled.Cancer Treatment You may be eligible if you are receiving treatment for cancer.Economic Hardship If you're having temporary issues making your student loan payments due to economic hardship or serving in the Peace Corps, you may be eligible for up to three years of deferment.Monthly payment amounts are based on your total loan amount – the more you owe, the higher your monthly payment will be.You'll pay less interest over time under this plan than under other plans.

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