- Where can I receive more information on managing my Direct Loans?
- Can I consolidate my student loans?
- Are there opportunities to have my Direct Loans forgiven?
- What if I am having problems maintaining my monthly loan payments?
The first place to start is https://studentloans.gov. This site provides information on your loan as well as information on loan consolidation, loan forgiveness, optional payment plans as well as deferment and forbearance information.
Direct Loan Consolidation is available through the Department of Education. You are able to consolidate your Direct and FFELP loans, if you have borrowed in the past, into a single loan. By consolidating your loans, you may be able to extend the term of your loan which may lower your monthly payment. You can always prepay the loan as well so you can take advantage of lower scheduled monthly payments while paying the loan off as quickly as you are able.
There are several opportunities for loan forgiveness. Teachers may qualify for forgiveness of up to $17,500.00 or if you are a Public Service employee and make 120 consecutive payments, your remaining loan balance may be canceled. Your loan servicer will be able to assist you with loan forgiveness options.
All student loans offer deferments and forbearance if you are struggling with your loan payments. Servicers can also offer you a variety of payment plans that may better fit your income. It is best to contact your servicer directly to determine what options are available to you. If you are not sure who your servicer is, contact our office or go to www.nslds.ed.gov.