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For your FFEL Program loans to qualify for PSLF, you will need to consolidate your FFEL Program loans into a Direct Consolidation Loan. Only Direct Loans are eligible for PSLF. Normally, when you consolidate, you don’t get credit toward PSLF for the payments you made before you consolidated.
1 paź 2024 · The JCLSA allows joint consolidation loan (JCL) borrowers who have either Direct Loans (DL) or Federal Family Education Loans (FFEL) to separate their joint debts into new, individual Direct Consolidation loans.
20 paź 2024 · To repay student loans using PAYE, SAVE or ICR, you must consolidate your FFEL loans into a Direct Consolidation Loan. If you don't consolidate your FFEL loans, IBR is the only IDR option. With IBR, monthly payments will generally be 15% of your discretionary income but never more than payments under a 10-year Standard Repayment Plan.
2 sty 2024 · FFELP Loan Forgiveness Options. Previously, FFELP loan forgiveness was only possible if you consolidated your loans with a federal direct consolidation loan. When you consolidate your...
15 maj 2024 · Borrowers with FFEL Program loans held by the Department will also receive the account adjustment automatically but must consolidate into the Direct Loan Program if they want to count any prior time in repayment toward PSLF.
24 lip 2024 · FFEL loans can be consolidated into a direct consolidation loan, which opens the door to a broader range of repayment and loan forgiveness options.
Kind of—federal student loan borrowers can consolidate their loans. Consolidation combines your federal student loans into one loan with one monthly payment. Learn about the pros and cons before you consolidate.
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