Everyone is conscious of the result of being unlawful or non-payment of our federal student finance. While it is a good idea calculating the feasibility of repayment before starting a loan, usually, we take the loan anyhow because there is no other go. When the repayment schedule starts, we start to panic and consider options such as calling the direct loans servicing center.

Defaulting downgrades your credit score making it impractical for you to go for any credit such as credit cards, mortgages or auto loans afterwards. Not paying interest will also saddle you with a huge cumulative interest. It becomes fundamental to stay on top of your dues by at least taking measures to pay the minimum monthly amount.

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

Another option is postponement where you can take a short-term suspension from payments till you fix your finances. Those who are in severe economic hardship, those who are unemployed or those who are into studies 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.

To circumvent being punished there are certain steps you can take including federal loan consolidation. Consolidating your loans is an excellent option that can aid reorganize and minimize monthly repayments. It is viable to extend the tenure of your loan adequately to accommodate payments within your ability and budget.

The weighted average of all your previous loans is considered to calculate the repayment for direct loan consolidation. There are several repayment preferences you can select from such as the standard, graduated and extended.

Direct loan consolidation will not bring down your interest rate. It only stretches your loan period to make repayments manageable. The direct loans servicing center will direct you in managing your loan portfolio and make your job trouble-free.

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