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05 Sep

Consolidating your federal student loans may help you to stay on track with your monthly payments and avoid the risk of student loan default—which can have serious consequences on your credit and your income. Once you log in, you can fill out a free loan consolidation application online—or download the paper application to fill out and send in by mail.Keep in mind: If you have both federal and nonfederal loans, you will likely still have more than 1 servicer after loan consolidation. It’s not a shameful or embarrassing position to be in. And, as I’ve recently learned, we have options if we aren’t afraid to pursue them. When that job finished, I moved to New York for graduate school and deferred my loans while studying for my master’s degree in education. I decided that I didn’t want to be a teacher anymore. We all have our reasons for being in this situation. After graduation, I spent a few years teaching English abroad and paid my student loans every month without fail.Also, for student loan borrowers with older loans, consolidation can make you eligible for newer repayment plans that may be more favorable.

This became glaringly apparent 10 years later, when I received an email from the HR department at my company: We are commanded to immediately remit 15% of your disposable pay to the U. But six months later, the only career-related job I’d found was an unpaid internship at a small literary agency.Loan forgiveness is reserved for very specific situations, such as if: To take advantage of this option, you must qualify for a specific loan forgiveness program such as Teacher Loan Forgiveness or Total and Permanent Disability. Unfortunately, there are companies that prey on people who need help with their student loans—and try to make money off of them.You should never pay for help with a loan consolidation or forgiveness. For many borrowers, this is the most practical option for getting out of default.Learn more » Canceling your loan is only available in limited situations, but if you’re in default, it could be an option for you.