Private student loans and Perkins loans operate under different rules, and for more information on getting out of default, you should reach out to your servicer or the school you attended.
To rehabilitate a federal student loan, you and the Department of Education must reach an agreement on a “reasonable and affordable” repayment plan in which you’ll have to make nine out of 10 on-time payments.
Yet, as with a lot of programs, the application requirements can be confusing.
And then there’s always the question of if pursuing this program makes sense in your financial situation. Here’s how to prepare to apply for the public service loan forgiveness program.
Anyone with balances exceeding this amount may have to wait 25 years for their student loan balances to be forgiven.
Yet, since these proposals haven’t gone into effect, be sure to follow our blog.
President Obama has proposed capping the forgiveness at ,500.
To a college grad swamped with multiple student loans that have come due, loan consolidation is an enticing option.
When you consolidate, a lending institution pays off your existing balances and replaces them with a new, consolidated loan.
Federal student loan borrowers have the option of consolidating their loans via the Direct Consolidation Loan program offered by the U. That loan is then serviced by the servicer of your choosing – of which Nelnet is one!
Consolidating allows you to merge multiple eligible loans into a single loan.