Government assistance with consolidating loans
Have you ever wished that your student loans would just go away?
Some states are even helping debt-saddled graduates with their loans as well.In other words, the full amount of your federal student loans is eligible for forgiveness.If you have any additional questions, check out this nifty Public Service Loan Forgiveness Fact Sheet.Teachers are a key asset to the community and play an indispensable role in the lives of children.Whether you’re struggling with six-figure debt or looking for “free money” to pay off your student debt, student loan forgiveness can be a nice alternative.The Public Service Loan Forgiveness program is a federal program that assists those working in public service jobs, such as nonprofits, manage their debt loan through forgiveness after 120 payments (ten years). Full-time employees at a federal, state or local government agency as well as nonprofit workers at an organization with a 501(c)(3) designation.
For purposes of this program, religious-based work at a non-profit does not qualify. It’s important to note that Federal Perkins Loans and Federal Family Education Loans (FFEL) are not eligible for forgiveness through this program unless you consolidate them via a Direct Consolidation Loan from the Department of Education (see below). Consolidating your loans with federal government can be a good first step when pursuing Public Service Loan Forgiveness.
However, Perkins loans do have their own special cancellation program (more info below). A Direct Loan Consolidation combines all of your federal loans into one new single loan (even previously ineligible loans like Perkins or FFELs can be included and become eligible).
During the consolidation process you can also choose an alternative repayment plan.
Student Loan Hero has a free tool that guides you through the consolidation process, and sets you up on an income-driven repayment plan to start moving towards forgiveness.
Click the button below to learn more and start the Direct Loan Consolidation process.
Start The Direct Consolidation Process Currently, there is no limit on the amount forgiven under Public Service Loan Forgiveness.