If you are having problems making your student loan payments and have already explored all loan repayment plans two additional options to explore are consolidation and forgiveness.
Loan consolidation is an option that combines all your federal student loans into one new loan with one monthly payment. Consolidation should be considered if you are at risk of student loan default.
What types of loans are eligible for consolidation?
What are the benefits of consolidation?
What are the disadvantages of consolidation?
Learn more about loan consolidation
If you meet specific qualifications, certain federal student loans can be forgiven, cancelled or discharged. This means that your debt will be erased and you no longer have to make any payments. Private student loans are not eligible for forgiveness.
How can I get loan forgiveness?
Learn more about loan forgiveness
Unfortunately, many companies that offer student loan debt relief are trying to make money off people who need help with their student loans. You should never pay for help with a loan consolidation or forgiveness. The following loan assistance services are free: