If an individual borrowed Federal student loans you may qualify for student loan forgiveness, if they meet certain requirements. Other benefits from student loan forgiveness is a decrease the principle amount of the loan, or complete cancellation based on their circumstances.
For those having financial difficulties may qualify for the Income-based Payment Program that allows them to make the payments based on income and family size. Another benefit of Income-Based Payments, is the cancellation of the remaining balance on student loans forgiven after 20 to 25 years of on-time payments.
Loan consolidation will take all your federal student loans and combine them into one new loan. In order to determine the payment amount of your loan, income and budget must be evaluated. As a result of the consolidation will decrease the overall payment of the principle, not to mention a lower interest rate.
I knew about the the loan forgiveness program when it went into effect. I thought it would take forever to pay them off. I'm glad I'm release from paying the remaining amounts not that I haven't been consistent with with the payments. Thank you for helping me.
I spoke with the people are National Student Consolidation I've been out of work for a while, and went back into the work force not so long ago. I've signed up for Income-based repayment program. I've taken a pay-cut, and I still qualify. I'm glad they are willing work me in lowering the amount I'm comfortable with paying. Much appreciation!
Thank you to the folks at National Student Consolidation. I had several different loans that I needed for my undergraduate studies. Paying them one-by-one, at different interest rates. Some where higher than others. Was hard to keep track. I've decided to consult someone at NSC to help me combine the amounts into one simple payment, and the interest isn't bad.