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Reconsolidating from Sallie Mae

Total Posts: 1

Joined 2011-07-13

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Heather-

I have two loans through Sallie Mae- 1 consolidated subsidized from a Stafford loan & 1 consolidated unsubsidized from a Stafford loan. Can I reconsolidate them back to Federal loans? If so, how? My hope would be to then qualify for loan forgiveness through public service through the Episcopal Church. Is this even feasible?

Thanks!

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Total Posts: 604

Joined 2011-03-30

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You can reconsolidate into Federal Direct to take advantage of PSLF.  Start here: http://www.loanconsolidation.ed.gov/

My opinion is that because churches are 501(c)(3)s, full-time paid work for a church should be considered qualifying public service work.  There has been some uncertainly about whether the Dept of Education will interpret the statue and regulations this way.  We anticipate that an employment verification procedure will be available around the first of next year, when you should be able to get a clear answer from the Dept of Ed.