Consolidating private student loans with federal student loans
If you have private loans, talk to your loan servicer.
For federal loans, call the Department of Education’s Loan Consolidation Information Call Center at 1-800-557-7392.
Work-study is a need-based grant that requires you to work part-time while you’re in school.
To qualify for work-study, you’ll need to fill out the FASFA form and meet the needs-based criteria of the program. Student loans fall into two categories: federal loans and private loans. It is the only way to apply for federal student aid. You must fill out your FAFSA form at every year that you are in college, university or career school.
In addition, many states and colleges use your FAFSA data to determine your eligibility for state and school aid.
You can learn more at the Department of Education’s Student Aid.gov/repay or by contacting your federal student loan servicer. With private student loans, you typically have fewer repayment options, especially when it comes to loan forgiveness or cancellation.But depending on your situation and what kind of loans you have, you might be eligible for a different repayment plan or to get your loans forgiven.And ,when it comes to qualifying for these programs, there’s nothing a private company can do for you that you can’t do yourself for free.Reasons to consolidate loans If you are having problems making your monthly payment but are concerned about the impact of loan consolidation, you might want to consider deferment or forbearance as options for short-term payment relief, or consider switching to an income-driven repayment plan.
Private loans have to be consolidated with a private lender.
And some of the companies that promise student loan debt relief are scams.