Loan Consolidation

Questions To Ask Your Servicer

How long will it take to complete the consolidation paperwork?
What rate do I lock into the weighted average formula?
If I apply in July/August can I request a start date in November?
If I apply in early October, will it be based on the grace period rate or the repayment rate if it is not completed until Nov/Dec?
Can I request an amortization schedule prior to “applying”?
Can I amortize the loan for fewer years than you would normally be allowed?
Can I take a 30 year and setup a 20 year payoff?
If I take a shorter payout, can I switch back to the full time if cash problems develop?
Based on when I apply, when is my first payment due?
Can I pay via auto debit and how long will it take to setup and/or change?
What repayment incentives are offered?
Are there penalties?
How do my deferment/forbearance options change from what I would have if I did not consolidate?