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I will be graduating in the summer and have been looking into the Public Service Loan Forgiveness Program (PSLFP). I will be graduating from a doctoral program. Upon entering the program, I consolidated all of my undergraduate Direct Loans (Stafford subsidized and unsubsidized) with Nelnet. I currently have Direct Loans (Stafford and Graduate Plus) which are would be included in the PSLFP. Is it possible to include the Nelnet consolidated loans into this program since they were originally Direct Loans?
I may have found the answer to my own question ... after posting, I spoke with a family member who is currently working at a not-for-profit and is entered into this program (or a very similar one). He stated that he had also consolidated his loans, also with Nelnet. He stated that he filled out the necessary paperwork, including tax return, and filed that with the government, received what the income based payment schedule would be, and is able to pay those payments to Nelnet. So perhaps all I will have to do is consolidate my current loans with my already consolidated loans.
In the discussion, what I found more interesting was the fact that the Loan Forgiveness Program he is using is only 5 years vs. 10. Has anybody run across this type of public service forgiveness program?
You are correct. It is not based on where your loans are but the type of loans they are. As long as they are federal loans then they qualify.
@GST2008 wrote:I may have found the answer to my own question ... after posting, I spoke with a family member who is currently working at a not-for-profit and is entered into this program (or a very similar one). He stated that he had also consolidated his loans, also with Nelnet. He stated that he filled out the necessary paperwork, including tax return, and filed that with the government, received what the income based payment schedule would be, and is able to pay those payments to Nelnet. So perhaps all I will have to do is consolidate my current loans with my already consolidated loans.
In the discussion, what I found more interesting was the fact that the Loan Forgiveness Program he is using is only 5 years vs. 10. Has anybody run across this type of public service forgiveness program?
There is not a 5 year PLFP. Not sure what he is using.
I double checked with him on the five year plan. It is not something that is currently offered, but it was available in 2008. He's grandfathered into it for five years, the rest of us get the 10 plan =/
Hello, I have 50,000.00 in student loan debt. I pay 325.00 monthly. In 2013 I will be to apply for a Teacher Forgiveness Loan Program with my lender. This will take off at least 20,000.00. I have low interest, do I pay extra on the principal now or wait until the loan forgiveness is completed?