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FFEL commercial loan and forgiveness

Started by Nevermore, August 29, 2022, 07:58:55 am

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Nevermore

It turns out my FFEL loan is a commercially held loan with a private servicer, Navient.  It looks like I can still consolidate the loan into a Direct Loan on the governments studentloan.gov site.  I messaged the government's site and the response got back literally says "they don't know yet" if consolidation of private FFEL qualifies for recent forgiveness.   Not clear if I should leave it alone, or just consolidate anyhow?

TheCollegeInvestor

Initial reports are that, yes, you can consolidate your FFEL loan and qualify for Biden's loan forgiveness plan. However, it's not finalized yet. If you're worried about it, wait for guidance. But for most people, consolidating an old FFEL loan is beneficial in pretty much every instance.