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Should I consolidate?

A specialist at the Law Office of Paul A. Krasker will always analyze your situation and guide you in the most beneficial direction. Sometimes a consolidation is not the best option, and if our services will not benefit you, we will not enroll you into our services. You should always write down as much information as possible during a free consultation and make an education decision afterwards. Our analysts will always weigh the pros and cons of your specific situation, and only offer our services if there is a substantial savings either monthly, in the long-term, or both.

I thought I already was consolidated?

Most lenders will “consolidate” all of your payments and send you one bill, but check your credit report! Most borrowers have 7-10 loans but only one “consolidated payment” that is being disbursed out over 7 different loans. The Department of Education’s consolidation program would actually consolidate your loans into one. In short summary, the Department of Education will pay off all qualifying loans, and issue the borrower a brand new loan for the same balance. This new loan will come with a NEW monthly payment and a term. An analyst will simply determine what you are on pace to pay with your current lender, and compare it with the options the Department of Education has available after a consolidation.

Student Loan Forgiveness

Find out about the options available to have your student debt forgiven.

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What is student loan forgiveness?

Only after consolidating your federal loans through the Department of Education into a qualifying type of loan, a qualifying payment plan with a qualifying servicer – forgiveness will become an opportunity. Forgiveness doesn’t always happen overnight. In certain circumstances, federal student loan balances can be dismissed sooner than 10-25 years of payments. Typically, after X amount of payments in the Department of Education’s program the remaining balance can be forgiven. There are specific programs for qualifying Title One School Teachers that can forgive all or a portion of the balance within 6 months after applying.

Can I consolidate my federal and private loans together?

Yes, but it may not be the best route. Our student loan reduction service is not a “one size fits all” approach, and everyone has a different situation. In certain cases, it will be beneficial to consolidate (refinance) your federal and private loans into one loan. Our relationship with Private Student Loan Banks and expertise can help determine the best bank for your refinance.

Does the consolidation hurt my credit?

It does not hurt! This is not considered a settlement. A consolidation typically lowers your amount of open lines of credit, as well as your current monthly obligation on student loans – reflecting on the credit report. We cannot guarantee that it will improve your credit as we are not affiliated with any credit reporting agency.

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