Consolidating non federal student loan
Borrowers must make consistent payments for 20 or 25 years and update their loan servicers when their income changes.
IBR is best for borrowers who expect to stay in low-paying fields but have high-figure debt loads.
There are various student loan forgiveness programs out there for people who work in public service, education, and other areas.
Some states are even helping debt-saddled graduates pay off their loans.
This step is helpful if you have Perkins or FFEL Loans.
Plus, it simplifies your monthly payments, so you’ll only have one loan to pay each month.
After 120 payments, you could qualify for 100 percent loan forgiveness.
To be eligible, you must be a full-time employee at a federal, state, or local government agency.
Through IBR, your student loan payments are capped at 10 to 15 percent of your discretionary income.
If it sounds like you might not qualify for PSLF, answer a few questions below so we can help point you towards other repayment options. Currently, there is no limit on the amount forgiven under PSLF.
The full amount of your federal student loans is eligible for forgiveness.
To apply for Income-Based Repayment, submit an online application at Student
You can also obtain a paper application from your loan servicer.
Another important step is switching to an income-driven repayment plan.