Defaulted student loans recovering consolidating

It’s important to find out if consolidation is best for you.

For example, if you only have a Federal Family Education Loan or Perkins Loan, that means you’re not eligible for Public Service Loan Forgiveness — but if you consolidate it into a Direct Consolidation Loan, you are.

On the flip side, if you have a Parent PLUS loan and consolidate it with other Direct Loans, you’ll lose access to most income-driven repayment plans on the entire consolidation unless you exclude the Parent PLUS loan from the consolidation (which you can do).

Parent PLUS loans are only eligible for the income-contingent repayment plan, but you have to have a Direct Consolidation first.

You can have your federal student loans canceled for school-related reasons, such as your school closing, or in the event of disability or death. Department of Education will accept payment in the form of checks, money orders or credit or debit cards.

You may not cancel your student loan based on dissatisfaction with your college, the degree you received or your job placement prospects after graduation.Parent PLUS loans are excluded from most benefits provided by the federal government, but if you consolidate these loans, you’ll become eligible for income-contingent repayment and Public Service Loan Forgiveness.To consolidate a federal student loan, you’ll be asked to make at least three voluntary consecutive on-time payments on the defaulted loan.The types of loans eligible for school closure loan cancellation are Direct Loans and FFEL, PLUS and Perkins loans.In order to apply for school closure loan cancellation, fill out this form and mail it to: U. Department of Education Federal Student Aid Processing Group Regional Office, Room 8633 50 Beale St.

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