23/10/2019 · Consolidating your loans can be a smart option, even if you’re pursuing PSLF. Consider it in the following situations: You’re still in your grace period or early on in repayment: If you haven’t made payments yet or have just started, you can consolidate your loans without losing too many qualifying payments for ;· (FedLoan Servicing is the authorized loan servicer for processing PSLF applications.) The resulting consolidation loan will change the FFEL consolidation loan into a Direct Consolidation Loan. The new consolidation loan will now qualify for forgiveness. Here's one thing you should know about the new loan: Any monthly payment amounts you made towards the FFEL loan do not count towards loan forgiveness under the PSLF …17/11/2018 · Federal Direct Consolidation Loans (Direct Consolidation Loans) Parent Direct PLUS Loan – If the parent (not the student) is employed by a public service organization. The PSLF program promises to pay the remaining balance on your direct loans after you have made 120 qualifying monthly payments under a qualifying repayment ;· Consolidation also greatly affects PSLF eligibility. To qualify for PSLF, you need to make 120 payments on each of your current loans. If you consolidate them, those loans no longer exist. Instead, they are now one big new loan, with the original loans having been paid YOU HAVE FFEL OR PERKINS LOANS ACTION 2: After separating from school apply to consolidate your FFEL/Perkins Loans ) indicate your interest in PSLF and select FedLoan Servicing as your servicer. Direct Loans do not need to be consolidated they are eligible for PSLF as is. You may also want to establish an online account with FedLoanFFEL Consolidated Loans Are Eligible for PSLF if you 8 Common Public Service Loan Forgiveness Mistakes | Planning to Pursue PSLF? Think Twice - Student Loan HeroFFEL Consolidated Loans Are Eligible for PSLF if you If you borrowed before 2011, or if you have Perkins or parent PLUS loans, you may need to consolidate your loans in order to qualify for PSLF. To check which types of loans you have, log in to If you see a loan type that doesn’t include the word “Direct,” you’ll need to consolidate it to get PSLF for that ;· By consolidating, the FFEL loan becomes a Direct Loan eligible for forgiveness under the Public Service Student loan forgiveness (PSLF) program. One word of caution: If you have been making IBR payments towards a loan and then include it in a loan consolidation, the previous payments will not count towards student loan ;· These are loans that originate from the Direct Loan program. If you do not have Direct Loans but want to enroll in PSLF, then you should consider consolidating your loans into a Direct Consolidation Loan. This type of loan is part of the Direct Loan program. You must also meet the strict employment criteria required to stay eligible for ;· While we must have a non-zero payment figure for student loans when calculating your budget and affordability, there are several ways of obtaining that figure with an IBR plan showing a zero payment. These include obtaining a letter from the lender stating how much you would be paying based on your income if you were not in a zero-plan, and creating a figure using the official payment …
