Unfortunately, in order to be eligible for Public Service Loan Forgiveness on your Federal Direct student loans, you have to be enrolled in an eligible repayment plan and consistently making on-time payments.Make nine out of 10 on-time payments using the same formula as Income-Based Repayment, which would cap your monthly payment to 15 percent of your income or less.If you have at least one FFEL Loan, then you can use the FFEL Consolidation Loan to do the same.These types of federal student loan debt can be consolidated: Neither type of federal consolidation loan can be used for private student loans. Department of Education made the landmark decision to allow you to choose your consolidation servicer (of which, Great Lakes is one) under the Direct Consolidation Loan program.
Refer to the consolidation application for more information about repayment plan eligibility. Your information won't be saved if you navigate away from the online application.
This is particularly true for grad school borrowers who use unsubsidized Direct loans and Graduate PLUS loans to finance their education.
offer benefits and protections that do not transfer to private lenders.
You can have your federal student loans canceled for school-related reasons, such as your school closing, or in the event of disability or death. Department of Education will accept payment in the form of checks, money orders or credit or debit cards.
Learn more » You could choose to pay the full amount of what you owe on your loan to get out of default. Learn more » On this page, we write exclusively about getting out of default on your Federal Direct and FFEL student loans.