Living with two or more student loans can be really challenging, especially for those trying to establish a career or start a family. Fortunately, there is a potential solution to this problem in the form of student loan consolidation.
With loan consolidation, one new combined loan takes the place of your existing loans. The big advantage to this is that it can lower your payments and lower your interest rates. It can also make your life much simpler because you will only have one payment and one lender to deal with.
There is a also ways that you can erase your student loan debt by serving your country and your community. Public Student Loan Forgiveness programs (or PSLFs) allow individuals to get out of some student loans by working for the government or certain non-profit organizations.
The good news is – you can qualify for PSLFs by working at any local, state or federal government job. The bad news is that not every student loan is covered by the program. You will also have to wait 10 years and make 120 qualifying loan payments to achieve total debt forgiveness, so it is not an immediate solution.
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Unfortunately no, but there are many other alternatives available. You can learn about these options by calling (844) 499-LOAN or visiting this website.
Possibly. The U.S. Department of Education offers up to 36 months of deferment for Federal Stafford Loans, Perkins Loans and Direct Federal Stafford Loans. Many people are eligible for deferment, including:
To take advantage of this option, you will have to apply directly to the Department or check with a Student Loan Advisor.
Many private lenders offer forbearance and deferment options that will suspend or delay payments for student loan borrowers. You will have to contact the lender directly and ask what options are available for you.
Simple – get a free consultation from a Student Loan Advisor. The Advisor will discuss your situation and tell you what your options are.
Not at all.