Through the William D Ford act the US department of education offers various student loan consolidation programs which will pay your existing lenders and will consolidate all of your federal student loans into one local new loan:
There are four different programs they offer.
- Standard Repayment Program
- Graduated Repayment Program
- Income Contingent Repayment Program
- Income Based Repayment Program
These programs were designed to assist student loan borrowers who are struggling to make their monthly payments. In some cases the US department of education considers income and family size to determine which program the borrower is most suited for. For example if you have a large family and/or low income it may be most advantageous to enroll in the Income Based Repayment Program when your new payment will be based on your ability to pay. The monthly payment is calculated based on your disposable income even if that means a $0.00 monthly payment.
In some instances, debts can be forgiven completely!
The US Student Loan Solution Center has knowledgeable advisers who can help you apply and qualify for the student loan program that you deserve.