Public Service Loan Forgiveness:
The PSLF Program is intended to encourage individuals to enter and continue to work full-time in public service jobs. Under this program, borrowers may qualify for forgiveness of the remaining balance of their Direct Loans after they have made 120 qualifying payments on those loans while employed full time by certain public service employers.
You must make 120 on-time, full, scheduled, monthly payments on your Direct Loans. Only payments made after October 1, 2007 qualify.
You must make those payments under a qualifying repayment plan. If you are not currently in a qualifying program we can assist you in getting enrolled.
When you make each of those payments, you must be working full-time at a qualifying public service organization.
Teacher Loan Forgiveness:
If you are a teacher and have been teaching full-time in a low-income elementary or secondary school or educational service agency for five consecutive years, you may be able to have as much as $17,500 of your subsidized or unsubsidized loans forgiven.
A consolidation loan allows you to consolidate (combine) multiple federal student loans into one loan. The result is a single monthly payment instead of multiple payments.
Income-Based Repayment Plan:
Income-Based Repayment (IBR) is designed to reduce monthly payments to assist with making your student loan debt manageable. If you need to make lower monthly payments, this plan may be for you. In some cases we are able to get your payment to as low as $0 monthly.
Pay As You Earn Plan:
The Pay As You Earn Repayment Plan helps keep your monthly student loan payments affordable, and usually has the lowest monthly payment amount of the repayment plans that are based on your income. If you need to make lower monthly payments, this plan may be for you.
If you need to make lower Direct Loan payments, but you do not qualify for the IBR or Pay as you earn plans, the ICR Plan may be for you.
Graduated Repayment Plan:
If your income is low now, but you expect it to increase steadily over time, this plan may be right for you. Under this plan, your monthly payments
Start out low and increase every two years, Are made for up to 10 years for all loan types except Direct Consolidation Loans and FFEL Consolidation Loans
Will never be less than the amount of interest that accrues between your payments, and Won’t be more than three times greater than any other payment.
Deferment / Forbearance:
Under certain circumstances, you can receive a deferment or forbearance that allows you to temporarily postpone or reduce your federal student loan payments. Postponing or reducing your payments may help you avoid default.