Is the federal student loan forgiveness program legit?

Is the federal student loan forgiveness program legit?

While there are legitimate student loan forgiveness programs out there, none of them will forgive your debt overnight. In fact, getting loan forgiveness is a lengthy process that only applies under certain circumstances. It’s also only available for federal loans; forgiveness for private student loans doesn’t exist.

What happened to ACS student loans?

Conduent Education Services (formerly ACS Education Services) was a student loan company that serviced campus-based, private, and federal student loans. It shut down operations September 1, 2019, and all of its loans were transferred to other loan servicers.

Should I consolidate my student loans if I plan to go back to school?

Consolidating your student loan payments makes them easier to manage. A lower interest rate decreases the total amount you’ll pay over the life of the loan. You’ll have the option to shorten or lengthen your student loan repayment term.

What is a plan 1 student loan?

Plan 2 refers to a student loan taken out from September 2012 onwards, in England or Wales. Older loans and loans taken out in Scotland or Northern Ireland, are called plan 1 loans. The interest rate, which is usually higher for plan 2, doesn’t affect payroll.

Is ACS a federal student loan?

Conduent Education Services, formerly known as ACS Education Services, was a company that serviced private, campus-based and federal student loans. It closed on Sept. 1, 2019, and transferred its loans to other servicers.

Is Great Lakes still servicing student loans?

Due to the government’s new Next Gen Business Process Operations initiative, Great Lakes and its parent company Nelnet will no longer service federal student loans after December 2020. If Great Lakes is your current loan servicer, The Department of Education will assign you a new loan servicer.

Will going back to school stop student loans?

If you have federal student loans, your lender will generally place those loans into deferment automatically once you enroll at least half-time in an eligible college or career school. And that deferment will continue for as long as you’re enrolled at least half-time.

Do student loans accrue interest during Covid?

Your loan payments will be suspended, and your interest rate will remain at 0% until the end of the COVID-19 emergency relief period.