Student Loan Forgiveness
If you are financially stressed by having to come up with the payments for your student loans, you may want to look at the possibility of student loan forgiveness programs. Through these programs, a part of your student loans may be forgiven depending on the volunteer work that you do, the military service that you render, or the career that you are pursuing.
These programs are supported by the government and are usually applicable for federal student loans, such as Perkins, PLUS, and Stafford. Either you are provided with the money to pay some of the loan or the money is directly given to the lender. However, you may have to pay taxes for the amount that was forgiven if your student loan does not have a specific provision for loan forgiveness. Read more
How Do I Consolidate My Student Loans?
It is not usually possible to combine private and federal student loans but you may be able to consolidate all federal loans and this may be relatively easy. You may also be able to consolidate some of your private student loans but not all private lenders would consent to a consolidation. Consolidating private loans may be much harder although it could still be done.
The main advantage of consolidating your student loans is the simplification of your payments. However, you may actually be paying more in terms of interest because the loan term is usually extended. Nevertheless, you may be able to get some discounts to counter this effect. Read more
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