Consolidating my stafford loans is a good dating site

Posted by / 02-Jun-2017 10:55

Consolidating my stafford loans

The dirty little secret to the student loan industry is that schools, lenders, and student loan servicing companies don’t want you to know about these forgiveness benefits, but thanks to the power of the Internet, you’ve now uncovered the biggest secret about student loans: they’re not that hard to get rid of!First, you’ll have to determine whether your loans are Federal, or Private, and then you’ll need to navigate to the section of this page covering your type of loan, as your loan type is the most important factor in determining which programs you’ll qualify for.

Qualifying public service employers include: In order to qualify for Public Service Loan Forgiveness, you have to work at least 30 hours a week at least eight months of the year.

Additionally, Parent PLUS loans cannot be repaid with an income-driven repayment plan (which are the eligible repayment plans that leave you with a leftover balance to forgive), but they can be consolidated into a Direct Consolidation Loan and then repaid in the income-contingent repayment plan.

To take advantage of Public Service Loan Forgiveness, you’ll also want to be enrolled in an income-driven repayment plan, otherwise there could be little to no balance left to forgive in the standard 10-year repayment plan.

Remember, in years past, Private loans have been nearly impossible to get rid of via Forgiveness or Discharge programs, but that has all changed in recent years with the expansion of new opportunities for wiping out your Private loans.

And on the Private side, unlike Federal Forgiveness, there’s no real divide between “Forgiveness” and “Discharges”, because anything related to Private debt tends to happen right away, so while there are certainly fewer opportunities for getting rid of your Private loans, those opportunities are better in a way since they don’t require years and years of patience while waiting for the benefits to kick in.

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