Consolidating non federal student loan
There are several ways to achieve complete or partial federal student loan forgiveness.
Since most states have their own set of rules and qualification standards, it is important to be familiar with your state’s loan forgiveness regulations.
Many people who took out student loans tried to get a federal student loan before attempting to get a loan from a private loan provider.
Whether you hundreds of thousands of dollars, tens of thousands of dollars, or a few thousand dollars, there’s bound to be a program that you can qualify for (given some planning and flexibility), so be sure to read through this page’s entire content, and you’re sure to find something valuable.
The PSLF program was created in 2007, so it’s relatively new, but it offers some of the best loan forgiveness benefits available from the Federal Government, including complete Federal student loan forgiveness once you’ve made 10 years (120) monthly payments on your debt.
That forgiveness is offered, no matter how much you still owe, and no matter how much you’ve actually paid, meaning that this program could stand to save you literally hundreds of thousands of dollars.
Fortunately, the President has promised to expand access to this repayment plan to everyone who holds Federal student loans, and experts following the issue anticipate seeing that promise codified into law some time during 2016.(UPDATE) President Obama’s Department of Education carried out their promise to extend the Obama Student Loan Debt Reforms to all borrowers, and now anyone with Federal Student Loan Debt can enroll in the REPAYE Student Loan Repayment Plan, which offers similar benefits to Obama’s Pay As You Earn Plan.
Abbreviated PSLF, the Public Service Loan Forgiveness Program is perhaps the most accessible of all the Federal loan forgiveness programs, because it allows people from so many different professions to qualify for debt forgiveness.