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16-Apr-2017 20:55

Loan forgiveness is reserved for very specific situations, such as if: To take advantage of this option, you must qualify for a specific loan forgiveness program such as Teacher Loan Forgiveness or Total and Permanent Disability. Unfortunately, there are companies that prey on people who need help with their student loans—and try to make money off of them.

You should never pay for help with a loan consolidation or forgiveness.

Unfortunately, in order to be eligible for Public Service Loan Forgiveness on your Federal Direct student loans, you have to be enrolled in an eligible repayment plan and consistently making on-time payments.

Typically, consolidation is the best option of getting out of default quickly, as you’re able to move directly into an Income-Driven Repayment plan and can immediately start building credit towards Public Service Loan Forgiveness if you’re eligible.

In certain situations, your student loan may be forgiven, cancelled, or discharged.

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It was barely enough to cover all of my expenses and instead of setting up a repayment schedule or requesting a financial hardship forbearance, I decided I would much rather just stop thinking about my loans. I won’t buy things I can’t afford to pay for entirely up front. I have no personal or consumer debt, so it was easy to ignore my one and only source of debt.

Private student loans and Perkins loans operate under different rules, and for more information on getting out of default, you should reach out to your servicer or the school you attended.

Another way to get out of default on a federal student loan is to consolidate it.

Your federal loans will move to 1 new consolidated loan under 1 servicer.

But your nonfederal education loan—such as the Vermont Advantage Loan—will remain with its current lender.

It was barely enough to cover all of my expenses and instead of setting up a repayment schedule or requesting a financial hardship forbearance, I decided I would much rather just stop thinking about my loans. I won’t buy things I can’t afford to pay for entirely up front. I have no personal or consumer debt, so it was easy to ignore my one and only source of debt.Private student loans and Perkins loans operate under different rules, and for more information on getting out of default, you should reach out to your servicer or the school you attended.Another way to get out of default on a federal student loan is to consolidate it.Your federal loans will move to 1 new consolidated loan under 1 servicer.But your nonfederal education loan—such as the Vermont Advantage Loan—will remain with its current lender.The Federal Loan Consolidation Program was created in 1986.