Canada loan consolidation: Up to date info and the best services

With direct Canadian loan servicing you do have certain rights before you leave school. You must also remember that course load changes can affect direct loan servicing. We'll discuss this more below.

Remember; with direct loan servicing you do have certain rights as a borrower. Before you leave school, you should have received the following information about your loan from your school, lender and/or the direct loan-servicing center: The amount of your total debt (principal and estimated interest), what your interest rate is, and the total interest charges on your loan. If you have FFEL Program Loans, you should know the name of the lender or agency that holds your loan, where to send your payments, and where to write or call if you have questions. If you have Direct Loans you should have the address and telephone number of your Direct Loan Servicing Center, the fees you should expect during repayment period, such as late charges and collection or litigation costs if you are delinquent or in default, an explanation of available options for consolidating or refinancing your loan and a statement that you can repay your loan without penalty at any time.

Please remember, if you have any questions or concerns about your loan, your school's financial aid office and the direct loan servicing center are there to help. Once you receive a loan, you will be notified of your servicing center location (the toll-free telephone number and address will appear on all correspondence and monthly statements from the Servicing Center). You should always use that information when needing information on direct loan servicing.

As with any direct loan servicing, be aware that changes in course load may impact the amount of your aid. Check with your financial aid office before you change your course schedule or credit load. Before obtaining an alternative loan, be sure to compare the terms with those of other loans, including federal and state education loans, home equity loans and lines of credit, personal lines of credit, credit cards, loans and personal loans from relatives, friends, and neighbors. Calculate the total cost of an alternative loan before signing up for a loan that offers a lower introductory rate.