January 15, 2021

Do you have FFEL Loans? Have you been told you don’t qualify for forgiveness?

Forgiveness
If you’re a public service employee and have FFEL Loans, you could qualify for student loan forgiveness simply by consolidating your FFEL Loans into a single Direct Consolidation Loan.

But wait, what are FFEL Loans?

FFEL stands for Federal Family Education Loan, these loans were part of a program of private student loans that were subsidized and guaranteed by the United States federal government. The program issued loans from 1965, and as of July 2010, no new FFEL Loans are being issued.

FFEL Loans do not qualify for the Public Service Loan Forgiveness Program because private lenders provided these federally guaranteed FFEL Loans to students and parents. Only the William D. Ford Direct Loans (and Direct Consolidation Loans), made directly from the Department of Education to students without the involvement of a private lender, are eligible for the Public Service Loan Forgiveness Program.

As mentioned above, your FFEL Loans can become eligible for the Public Service Loan Forgiveness (PSLF) Program if you consolidate them. When you consolidate your FFEL Loans your new balance will be the sum of your FFEL Loans and the new interest rate will be the average weighted interest of your FFEL Loans being consolidated. In other words, your FFEL Loans will be added up, the combined interest will be averaged, and you will have a single loan that will render you eligible for not only the PSLF Program but income-driven repayment plans as well.

Consolidating your FFEL Loans is incredibly easy. You can do it through Federal Student Aid or through Chipper Concierge—we’ll do all the paperwork for you, making sure you consolidate the correct loans, and at the same time, we’ll help you choose the best repayment plan for your financial needs.

Take it from Chipper member, Samantha, we helped her consolidate her loans and choose the right income-driven repayment plan (a requirement for the Public Service Loan Forgiveness Program), which actually lowered her monthly payments to $54/month! After 120 payments, she’ll be forgiven $94,212!

Try out Concierge and consolidate your FFEL Loans to get access to lower monthly payments and student loan forgiveness! One of the number one reasons people aren’t approved for forgiveness is ineligible loans. Don’t be part of the 1% that isn’t approved!

Right now we’re offering Concierge at a price that is affordable to you! We know a lot of people are struggling right now due to the pandemic and want to offer Concierge to as many people as possible. Pricing was originally $49 for a year’s worth of help, but now you purchase Concierge at a price that is affordable for your situation! Continue to Concierge to consolidate your FFEL Loans and get on track toward the forgiveness you deserve!

Use Chipper for Lower Payments

Chipper can help you find a student loan repayment plan that actually fits into your budget. You simply fill out your information and link your student loan account for us to generate your options in seconds. We help the average student loan borrower save over $300 a month off their student loan monthly payment. Lowering your monthly payment plan can game changing for your personal finance and can be done in minutes! Sign up for Chipper today to get on track with your student loans.

Use Chipper for The Best Path to Forgiveness

Finding your path to student loan forgiveness is easier than ever before. Chipper helps members find better Income-Driven Repayment (IDR) plans every day. Once enrolled in an eligible repayment plan, we can help you explore your forgiveness options and understand your path towards forgiveness. Sign up with Chipper today and get on track with your student loans.

Use Chipper for Round-Ups

Paying off your student loans doesn’t have to be a long and painful journey. Round-Ups are a way to directly pay off your loans with your everyday spending! By tracking your linked spending account(s), we will calculate the rounded up amount from each transaction in a week (IE spending $4.28 would add $0.72 to the weekly amount). We then initiate a payment towards your student loan for the weekly amount. Get chipping away on your student loans with Chipper today.

Use Chipper for Public Service Loan Forgiveness (PSLF)

The Public Service Loan Forgiveness (PSLF) program was created to provide relief to borrowers aiding the public sector. Unfortunately, 30% of applicants are denied due to incorrect paperwork. We can help! Chipper was created to solve this issue by assisting borrowers in understanding their options as well as allowing forgiveness eligible users enroll into the best forgiveness program available. Sign up for Chipper today to see your student loan forgiveness options and get the forgiveness you deserve.

Use Chipper for Teacher Loan Forgiveness (TLF)

The Teacher Loan Forgiveness (TLF) program was created to enable teachers working in Title 1 schools to receive student loan forgiveness of up to $17,500 (depending on their teaching subject). Chipper has helped teachers from all over the country qualify for TLF program and can help you get the forgiveness you deserve today. Find out if you qualify for forgiveness in minutes with our employer search tool.

See How Much You Can Save with Round-Ups

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