Pittsburgh, PA Student Loan Consolidation Lawyers

For residents of Pittsburgh struggling with student loan debt, consolidation can be a lifeline. It simplifies your payments and may offer more favorable terms. Students and graduates seeking a fresh financial start can find relief through student loan consolidation.

Looking to consolidate your student loans? Talk to an experienced attorney at Graham & Borgese. Fill out our online form or call (888) 801-7765 to book your free initial consultation.

What Are The Benefits Of Loan Consolidation?

By consolidating your student debt, you may regain eligibility for new loans, grants, and deferments. This helps update your loan status and shields you from repercussions like tax intercepts and wage garnishments. It's an essential move for boosting your credit score.

Income-Based Repayment Plans: A Lifeline for Graduates

One of the most notable features of government student loan consolidation programs is the variety of income-based repayment plans that are available. These programs are tailored to your unique needs, ensuring that your payments remain manageable based on your income. They're an excellent option for those navigating the job market in Pittsburgh.

As of July 1, 2010, the only government consolidation loan program available is the Direct Loan consolidation program. This is crucial for Pittsburgh alumni and students to know, as FFEL consolidation loans are no longer an option. If you wish to combine multiple student loans into one easy payment, consider Direct Loan consolidation.

Something To Consider About Private Consolidation Loans

Even if some lenders offer consolidation for private college loans, Pittsburgh residents need to exercise caution. Converting your federal loans into a private consolidation loan might mean sacrificing crucial federal loan benefits like deferment and flexible repayment schedules. Moreover, federal consolidation loans usually come with lower interest rates than private ones.

Am I Eligible For Federal Consolidation Loans? What Is The Process?

For Pittsburgh residents who have defaulted on their debts, Direct Consolidation offers the chance to make three consecutive monthly payments under revised terms. Those with overdue Direct Loans or FFEL loans may also be eligible if certain conditions are fulfilled.

Prior to finalizing your consolidation, the Department of Education will provide a summary sheet listing the consolidated loans and selected repayment plans. Pittsburgh borrowers should thoroughly review this document to ensure all details are correct.

The Costs Of Debt Collection And Loan Rehabilitation

Be aware that if you consolidate out of default, your new loan balance may include collection costs of up to 18.5% of the principal and interest. While Pittsburgh residents who have previously missed payments on a consolidation loan may have limited options, loan rehabilitiation remains an alternative.

Graham & Borgese: Your Local Pittsburgh Student Loan Debt Advocates

Searching for help with student loan consolidation near you? Head over to Graham & Borgese. We offer a free consultation to guide you through your options, with services customized to meet the unique needs of locals in Pittsburgh. Begin your path to financial freedom and a more transparent way of handling your student loan debt now.

Connect with an experienced Pittsburgh loan consolidation lawyer at Graham & Borgese. We're here to assist you. Call (888) 801-7765 or fill out our online form.