If you’re looking to consolidate your student debt, the National Student Loan Relief program offers loan credits and forgiven loans.
Loan forgiveness benefits have been recently increased with a one-time adjustment, accounting for more periods of deferment, forbearance, and repayments, including those during the Coronavirus Pandemic.
Who is Eligible to Apply?
According to Federal Student Aid, eligible students include those on or previously on an income-driven payment program, in the Public Service Loan Forgiveness Program (PSLF), or those interested in Direct Loans and Federal Family Education Loan Program Loans held by the U.S. Department of Education.
If you’re in an income-driven or PSLF repayment plan, your outstanding loan can be forgiven after making required payments. The length of the repayment period varies based on your chosen plan.
The Education Department’s adjustment now allows for including certain monthly payments towards loan forgiveness that were previously excluded.
- If you’re close to the end of your repayment period, loan forgiveness could be accelerated.
- Upon completing repayment, your loan may be automatically forgiven.
- Overpayments could lead to extended refund periods, potentially resulting in a full refund.
How to Apply?
Borrowers can consolidate loans through the Federal Student Aid Office of the Education Department. Start the application here.
The application typically takes around 30 minutes to complete. You can save your progress and resume later if needed.
You’ll need your ID number and necessary information for loan consolidation, which is free of charge.