Consolidating loans wells fargo
That is a circular definition, but nevertheless a clear one after the two amounts are calculated and compared.
Federal loans that are eligible for inclusion in the PAYE calculation are any Direct loans plus certain types of Federal Family Education Loan (FFEL or Stafford) loans, although no Stafford loans can be repaid using PAYE.
There are two discounts for which you may qualify, one for authorizing automatic payment from a checking or savings account and another for existing Wells Fargo customers (called the relationship discount).
Amount totals eligible for consolidation with Wells Fargo range from ,000 to 0,000.
The concept of student loan consolidation is simple: you apply for one large loan which will be used to pay off all your existing student loans.
That single loan will be easier to manage, because you’ll only make one monthly payment, and because it has a longer term than your old loans that payment will be smaller than the sum of your current payments.
The federal government has set up a website to organize its Direct Loans consolidation information in one place.
You can choose a fixed or variable rate, unlike federal consolidation (which is fixed rate only), and your repayment schedule begins immediately.
You might not be able to score a deal for the entire amount, but if you can get a fixed-rate personal loan to pay off some of the variable-rate student loan debt, that will offer you more stability.
Ask Suze a question or get another answer Please note: This is general information and is not intended to be legal advice.
There are other requirements discussed on the linked page (you must qualify as a new borrower beginning in 2007, not all Direct loans can be repaid under PAYE), but there is one outstanding benefit: if you do succeed in meeting the criteria, you will keep your eligibility even if your financial circumstances improve, eliminating your hardship.
If even the PAYE plan will not address your financial difficulties, then you should look into student loan consolidation.
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Wells Fargo offers loans up to $120,000 for undergraduate education.