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Asked by Anonymous

how can i consolidate my student loans

Federal student loans can combined into a traditional or special consolidation loan. Consolidating student loans means that you only have to make one monthly payment instead of multiple payments.

Learn more about options for student loan consolidation.

Asked by Anonymous

How do I find forgiveness for my student loan. I will never be able to pay it off. I am on disability now.

It’s possible to have your student loan debt discharged (canceled) or reduced, but only under certain specific circumstances:

  • You die or become totally and permanently disabled.
  • Your school closed before you could complete your program.
  • For FFELâ„  and Direct Stafford Loans only: Your school owes your lender a refund, forged your signature on a promissory note, or certified your loan even though you didn’t have the ability to benefit from the coursework.
  • You work in certain designated public school service professions (including teaching in a low-income school).
  • You file for bankruptcy. (This cancellation is rare and occurs only if a bankruptcy court rules that repayment would cause undue hardship.)

If you are unable to work and earn money because of an injury or illness that is expected to continue indefinitely or result in death, you may apply for a Total and Permanent Disability (TPD) discharge of your FFEL Loans, Federal Perkins Loans, Federal Direct Loans, or TEACH Grant service obligation. has more information on qualifying and to apply for a TPD discharge.

Visit the Department of Education for more information on student loan cancellation.

If you are not sure what kind of loan you have, you can get information on your loan from the National Student Loan Data System.

If you would like to file a complaint about your student loans, you can do so through the Consumer Financial Protection Bureau.

This week is National Consumer Protection Week. Today we are answering your consumer questions. You can join us for a live social media chat at 2 p.m. EST. Learn more about the chat and how to submit your questions.

From the Consumer Financial Protection Bureau:

We need public input on important questions about private student loans. Whether you have two sentences or two pages to tell us, we want to hear from you.

Among the questions we hope to answer:

  • What kind of non-federal financing do families rely on to pay for education? When families choose private loans before exhausting their federal loans, what prompts this choice?
  • What sources do families rely on for information about private student loan options? What sources and types of information do students consider about debt loads? How effective are private loan disclosures?
  • What can students tell us about loans offered directly by the schools they are attending or have attended? What can schools tell us about how they select students for aid and how they fund this aid?
  • What experiences have people had with repaying private student loans? Does it affect field of study or career choice? What resources or techniques have assisted students with avoiding default and understanding their rights as borrowers?

Anyone can comment: applicants for private student loans, students in school, people in repayment, lenders, etc. We need your help to make sure we have a diverse set of perspectives as we prepare this report.

This summer, the CFPB and Department of Education will submit a report on the private student loan market to Congress. As we prepare our report to Congress on the private student loan market, we will use the comments we receive here to guide us as we prepare an in-depth view of private student lending.

In addition, your comment will be published in the Federal Register. Other people who may share your experience will be able to read your comment.

Input is due by January 17th.