What kind of loan is ffelp

Borrowers who made voluntary payments on these loans may request a refund of those amounts. Any loans that went into default during the pandemic will be returned to good standing. The department will request the credit bureaus remove the default from credit histories.

The relief does not apply to the commercially held FFEL loans that are not in default. FFEL loans aren't eligible for:. Pay As You Earn. Revised Pay As You Earn. Income-Contingent Repayment. In Oct. In order to benefit from the limited waiver, borrowers with FFEL loans need to consolidate their loans into federal direct loans and then submit a PSLF form before Oct.

You cannot consolidate into a direct loan if you already did a spousal consolidation or if you have active litigation or a legal judgment against you. If you are eligible to consolidate, there are still some trade-offs. We managed our money more or less independently like roommates where I payed her for half of living costs.

She payed her debt and I payed mine. We eventually married in the summer of Long story short, I had to get a personal loan to pay her credit card debt and we did not even look into her student loans at the time. I have always payed for all Christmas costs, all vacation costs, home repairs, most restaurant visits, and all credit expenses aside for the mortgage part of living costs and split. I have more or less considered her fiscally responsible.

She never consolidated and I am just now finding out that she could have had this forgiven after this school year. We have only survived due to unemployment. I am so furious and broken. Do you have any additional hope for me? But there is hope. It might make sense to go after PSLF even now after all this time. I definitely recommend reaching out to book a consult appointment with someone on our team. They work with teachers all the time. My thoughts are full of frustration.

My loans first went into repayment in When legislation for PSLF came on the scene in , I immediately completed paperwork to certify my employer hoping was a light at the end of the tunnel.

After myriad phone calls to servicer and program assistance over the years, never since then has a single person I have talked to at my servicer or otherwise directed me that I needed to consolidate and change servicer to have my now 17 years of payments count towards PSLF. So I am now consolidating and starting qualifying payments completely over again despite being in certified public service my entire career of 20 years.

The whole program and its administration has been a convoluted fiasco at the expense of public servants willing to sacrifice their careers for the greater good.

I understand your frustration. Unfortunately, your situation is common. I consolidated my FFEL loans to one loan back in Can this one loan be converted to a direct loan? It can be converted, but there are consequences to consider depending on your situation. I started getting FFEL loans on Started repaying in In I returned to School a d graduated in again taking out loans every semester.

I then deferred them as often as I could and began consistently repaying in I am getting no where. If there is student loan forgiveness would mine be forgiven?? They have not been deferred during this pandemic for whatever reason. We recommend anyone who still has an FFEL loan to book a consult with us. I deferred payment on it big mistake and when I started paying, the loan practically doubled due to interest. Just what do you lose in this situation since the federal side of it seems to only help the lender?

Hi Ellen, we are so sorry to learn this. Getting this decision right could mean thousands of dollars in savings, so if you took out student loans before , consider hiring one of our professional consultants for expert advice. I do want to leave you with some blogs to read. If you are considering refinancing, learn about debt to income ratio and the Student Loan Refinancing Ladder. But again, without fully knowing your situation it may be best to book a consult with the team.

Privacy Policy - Terms and Conditions - Disclaimer. Refinancing federal loans causes the borrower to lose access to income-based repayment plans as well as the PSLF program. We may earn compensation from advertising partners when you click on links on this site.

We do not provide tax or legal advice. This is why we work hard to ensure that our content delivers complete and unbiased information. Read more about our editorial ethics policy. All rates listed represent APR range. Offered terms are subject to change and state law restriction. You can also earn points for potential free payments.

Read our review to learn more. Many private student loan lenders are offering options to pause payments. Currently, there are 10 states that are offering private loan borrowers to postpone payments. If you have private student loans with a high-interest rate, you can also consider refinancing. This could result in a lower interest rate. Refinancing federal student loans , especially right now, might not be the best idea. Federal borrower that refinance will lose the current option to pause payments with zero interest.

Is it possible to cancel also known as discharge a federal student loan? What is the difference between default and delinquency? View all FAQs.

The Department of Education has announced more borrower defense findings; which applications are getting granted? Quick Help Can I get relief?