All of us are aware of the result of being unlawful or non-payment of our federal student loans. Though it is a good idea to evaluate the feasibility of refund before reaching out for a loan, most of the time, we go for the loan anyhow because there is no other choice. When the bill starts coming in, we get nervous and consider options such as giving a call to the direct loans servicing center.

Missing payments kills your credit score that makes it impractical for you to go for any credit such as credit cards, mortgages or auto loans later. Missing interest will also burden you with a huge cumulative interest. It happens to be vital staying over your dues by at least planning to pay the minimum monthly amount.

You can apply for IBR or salary based repayment on your existing loans. Here your monthly payment towards the loan is calculated based on your family size and income. Payment is usually 10% of your income.

Another possibility is postponement where you can take a short-term suspension from payments till you correct your finances. Those who are in extreme financial hardship, those who are out of work or those who are in school at least half time can opt for deferment. It is recommended before going for any repayment plan that you speak to the direct loans servicing center for more information.

In order to avoid being penalized there are a few steps you can take including federal loan consolidation. Consolidating your loans is a great option that can help streamline and reduce monthly repayments. It is viable to extend the tenure of your loan enough to accommodate payments within your capability and funds.

The weighted average of all your previous loans is taken into account to work out the repayment for direct loan consolidation. There are several repayment preferences you can select from like the standard, graduated and extended.

Direct loan consolidation does not reduce your interest rate. It just extends your loan term to make repayments manageable. The direct loans servicing center will direct you in managing your loan portfolio and make your job simpler.

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