January 15, 2018
I have a consolidated FFEL in the amount of 125,000 roughly. I am on an Income based repayment plan. The monthly payment I am making is not enough to cover the interest or pay anything on the principal. I have recently started working for an employer who qualifies as a public service loan forgiveness employer. I understand that my FFEL loan does not qualify for that program. I read some where on lone that there is a way to consolidate my FFEL into a direct loan and thus be eligible for the public service forgiveness program. My question is is this true and if so how do I go about doing this?
May 3, 2014
FFEL loans can be consolidated into a direct loan in order to gain eligibility for public service loan forgiveness.
The Department of Education page on loan consolidation is really helpful. It can be found here: https://studentaid.ed.gov/sa/repay-loans/consolidation
In the “should I consolidate” section it notes that: If you consolidate loans other than Direct Loans, it may give you access to additional income-driven repayment plan options and Public Service Loan Forgiveness.
There is also a link on that page to the federal direct consolidation application.
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