/ Ask Terry Questions / Public loan forgiveness vs consolidation

Public loan forgiveness vs consolidation

By Terry Savage on December 29, 2021 | College Savings / Student Loans

Hi Terry, I just started the process of consolidating my ffelp loans for the public service forgiveness . The new loan provider sent me paperwork showing what I will have to pay, including about $20,000 in interest. I have 10 days to change my mind.Currently I owe about 29,000. I have worked in the elementary school since 2008. I have also sent in my paperwork from my district.
I am worried that I may not qualify for some reason and then I will owe an extra 20,000 in interest. What is your opinion?

Terry Says

Wait — are you talking about CONSOLIDATING your loans — OR about applying for Public Service Loan Forgiveness? Don’t sign anything yet. Are you aware that You can still pursue PSLF, but the clock starts over when you consolidate your debt.

PSLF is not done by a ‘loan provider’ — it is done by application to the program through the Federal government!

Get all the details of apply here: https://studentaid.gov/manage-loans/forgiveness-cancellation/public-service

Recent College Savings / Student Loans Questions



a personal
finance question