You may pay off your loans before you qualify for loan forgiveness. If you are currently in school, you should start this process before you leave. We suggest contacting companies like SoFi for more information.

2) Use Federal Perkins Loans:

You can make private loans with the Federal Perkins loan program. You may have other options as well, but these should cover most of the things you want to do.

3) Use Direct Loans:

This may seem like a lot, but the best thing about federal loans is the fact that you can consolidate multiple private loans into one federal loan.

One other note. You cannot consolidate any type of loans with the government. There is a limit to how many federal loans you can consolidate.

4) Go into student loan forgiveness

It is very important to see a loan specialist before you decide to get your student loans discharged. They will help you out and work with you to figure out which loans are eligible to be discharged. If you are going to get a private loan to pay off student loan debt, you may be able to get it discharged as a consumer bankruptcy. It will cost you some money, but if you have enough cash in your account to pay off the loan before the creditor will allow the discharge, then the debt can be discharged. If not, it is more expensive, so you may have to wait for the bankruptcy process to complete, or you may have to wait until you have a chance to pay off the loan and the creditor will allow you to discharge it.

As a private student loan borrower, you may also be able to get the debt discharged as a bankruptcy discharge.

Once you have filed for bankruptcy, you may be eligible for a discharge of federal student loans that were secured on a home. It is possible that you can receive a discharge, depending on the amount of the loan and the borrower’s income.

What can I do if I have a Federal student loan?

If you owe federal student loans, you may be able to work with your lender or the government to have them forgiven. You can find out if you qualify for this relief.

1.1 What is the difference between a direct payment and a consolidation loan? The government provides direct loans and is an issuer of private student loans. Federal direct student loans are not eligible for consolidation. If you plan to consolidate federal student loans, the amount of your debt (e.g., the balance on all of your loans combined) is not a factor in the consolidation loan approval. It is your responsibility to make sure you understand how consolidation loans work. 1.2 What can I do if I believe I have Federal Direct student loans that are ineligible for consolidation? You can contact the Federal Student Aid (FSA) Support Center at 1-800-4-FSA-HELP to request a review of the student’s eligibility for consolidation. If your student loan was not part of a private student loan program, you may file a claim with the government to displace the Federal Direct student loans. However, this procedure may take up to 3 to 5 months to process.

You may also contact the FSA Support Center to see whether the student is eligible for financial aid under the Financial Aid Opportunity Program.