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Federal Stafford Loan under Federal Family Education Loan Program

Started by liverton11, June 14, 2017, 05:15:32 pm

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Hi, I'm new to the forum.

I have about $100k of student debt and most of them are Stafford loans from the FFEL program.

I am also a community college instructor, so I'm planning to consolidate all of my loans into direct loans so I can use the Public Service Loan Forgiveness program.

My questions are:

1.  I suppose my qualifying payments will be reset?

2.  Are there any advantages of staying on with FFEL?  It feels like I have been ripped off since I have already pay my loans for years...

Thank you!


1. You can view it as reset, but you have 0 qualifying payments currently. By consolidating to Direct Loans, being on an income-driven repayment plan, and continuing as an instructor, your payments will now begin to qualify.

2. Not really. Sadly you should have done this in 2007, and you would have seen your loans forgiven this fall. But you can't turn back the clock, you can only move forward from today.

There can be problems with reconsolidating your loans, and you can read about them here: https://thecollegeinvestor.com/18164/the-problems-with-student-loan-consolidation/


Thank you, I'm going to consolidate now...

I will no doubt have many sleepless nights due to this...  Sigh
... I really should have research this thoroughly 10 years ago.