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Under certain circumstances, federally backed student loans – such as Direct Subsidized Loans and Federal Perkins Loans – can be discharged or forgiven.
The prospect of your student debt evaporating may seem like a dream come true.
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!
With student loans soaring, debt-saddled students and graduates are desperate for any strategy that may help them escape their burden.WARNING: It is very dangerous to consolidate federal loans into a private consolidation loan.You will lose your rights under the federal loan programs once you choose to consolidate with a private lender.Most loans can be discharged in the following situations: "Circumstances beyond the borrower's control" do not include things like having to drop out of college before graduation or inability to find a job after graduation.However, there is a possibility that they could include a school using illegal recruiting tactics – for example, guaranteeing the student a well-paid career. Department of Education promised debt relief to students of the bankrupt for-profit Corinthian Colleges schools (click here for more information on how to apply).allows you to consolidate (combine) multiple federal education loans into one loan. Top Private education loans are not eligible for consolidation, but for some Direct Consolidation Loan repayment plans, the total amount of your education loan debt—including any private education loans—determines how long you have to repay your Direct Consolidation Loan.The result is a single monthly payment instead of multiple payments. Direct PLUS Loans received by parents to help pay for a dependent student’s education cannot be consolidated together with federal student loans that the student received.As you weigh the pros and cons, keep in mind that timing is critical.With just a few exceptions, you get only one chance to consolidate with the government loan programs.Loan consolidation can also give you access to additional loan repayment plans and forgiveness programs. Refer to the complete list of federal student loans eligible for consolidation in the application.There is no application fee to consolidate your federal education loans into a Direct Consolidation Loan. Department of Education (ED) or ED’s consolidation loan servicers. Top A Direct Consolidation Loan has a fixed interest rate for the life of the loan.