student consolidation

Student Consolidation - Consolidation, Discharge and Forgiveness

There are a few methods for handling the loans you took out during the course of higher education studies. Obviously, you can repay the loans using the terms and conditions you agreed to when you originated the loan contract.

You can opt for a student consolidation loan to combine all of your student loans into one simple monthly payment. This will extend the time period for repayment and enable you to have smaller payments each month. You can also qualify to have your student loans discharged or forgiven by the federal government.

Consolidation

Student consolidation loans can make loan repayment very simple and easy. All of your loans can be combined into a single large loan with a low interest rate. There are federal student consolidation loan programs and private programs to cater to the needs of whatever loans you have.

Each type has benefits geared toward the successful borrower to encourage timely repayment. It is important not to combine federal private loans in a student consolidation program because you stand to lose borrower benefits. Shopping around for the right loan can save you thousands in repayment.

Discharge

There are various reasons for loan cancellation. You can qualify for a discharge of your loan in part or in full if:

1. You did not receive a refund you were entitled to
2. Your signature was forged and you did not personally take out the loan
3. The school closed within 3 months of you entry into the program and you were incapable of completing the program
4. The school did not take care to properly qualify your status
5. You become totally, permanently disabled
6. You (or the person for whom the loan was taken out) die
7. Some loans can be discharged in bankruptcy, though usually not student loans

Forgiveness

There are times when part or all of your student loans can be forgiven. They are:

Teaching in depressed, low income or rural communities as approved by the government

Do volunteer work or military service

Work in specific area of the medical profession