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?