The Public Service Loan Forgiveness (PSLF) Program forgives the remaining balance on your Direct Loans after you have made 120 (10 years) qualifying monthly payments under a qualifying repayment plan while working full-time for a qualifying employer. Learn more to see whether you might qualify.

What are the disadvantages of consolidating your student loan debt?

Cons of Student Loan Consolidation

• Pay more in interest over time. If you consolidate and extend the loan term, you could pay a lot more in interest.
• Rounded-up interest rate.
• No private loan consolidation.
• Lose some benefits.
• Lost “grace” period.
• Lender benefits gone.
• No do overs.

  Is student loan interest an itemized deduction?

  The student loan interest deduction is not an itemized deduction — it’s taken above-the-line. That means it’s subtracted from your taxable income to save you money. For example, if you fall into the 22% tax bracket, the maximum student loan interest deduction would put $550 back in your pocket.

  How to apply for student loan consolidation with MOHELA?

  Apply on StudentLoans.govand select MOHELA as your Consolidation Loan Servicer. In Process Step 2: In Process Within approximately 2 weeks, your current servicer(s)will be contacted by the loan originator to provide the payoff amount and loan information for loans you included on your application.

  How does Direct Consolidation work for student loans?

  A Direct Consolidation Loan allows you to consolidate multiple federal education loans into one loan at no cost to you. Through your completion of the free Federal Direct Consolidation Loan Application and Promissory Note, you will confirm the loans that you want to consolidate and agree to repay the new Direct Consolidation Loan.

  Can You consolidate multiple student loans into one loan?

  A Direct Consolidation Loan allows you to combine multiple federal student loans into one loan, one payment and one fixed interest rate. If you decide to consolidate, you can choose your servicer – Good News, MOHELA can be your choice!

  Is there a fee to consolidate federal student loans?

  Borrowers who want to consolidate their federal student loans. Note: There is no application fee to complete a Direct Consolidation Loan application. You may be contacted by private companies that offer to help you consolidate your loans, for a fee.