• Loan Repayment


  • Loan Consolidation

    Loan consolidation is a process that allows all loans of a specific type to be combined into a single loan. Consolidation is available for federal direct student loans and federal gradPLUS loans. Private educational loans can also be consolidated, but federal and private loans cannot be consolidated into a single loan. Additionally, parents can consolidate direct PLUS loans.

    Visit studentloans.gov to learn more about federal loan consolidation, including specific instructions.

    To obtain information about private loan consolidation, contact the HSU Financial Aid Office.

    Loan Forgiveness

    Beginning in the late 1950s, the federal government began a policy of cancelling (forgiving) federal student loans with the enactment of the National Defense Education Act of 1958. In the ensuing 50 years, numerous federal loan repayment and forgiveness programs have become law. The information contained below is not intended to be comprehensive, but it presents most of the loan forgiveness programs affecting the largest numbers of students. All of the loan forgiveness programs have some things in common:

    • Only federal loans (FFEL & direct subsidized & unsubsidized, undergraduate & gradPLUS loans, Perkins) are eligible for federal forgiveness programs. Private educational loans are not included.
    • Federal loan forgiveness is only available to students, once they have graduated, and any post-graduation grace periods have been completed.
    • None of the federal loan forgiveness programs are automatic. The eligible borrower must complete and submit all required forms and documents for the forgiveness process to begin.

    Once loans are forgiven, the borrower is required to report the cancelled loans as ordinary income in the calculation of federal tax liability for the year in which the loans are forgiven.

    Performing volunteer work, military work, teaching or practicing medicine may provide the necessary requirements for several federal loan forgiveness programs.

    Here are Internet links to many of the forgiveness programs:

    Military Work

    Employment by Non-Profit
    Public Service Loan Forgiveness

    B-On-Time Loan Forgiveness
    Texas B-On-Time Forms


    Legal & Medical Studies

    Law http://apps.americanbar.org/legalservices/probono/lawschools/pi_lrap.html

    Physicians http://nhsc.hrsa.gov

    Nurses https://nhsc.hrsa.gov/loanrepayment/loanrepaymentprogram.html

    Veterinarians http://www.nifa.usda.gov/nea/animals/in_focus/an_health_if_vmlrp.html

    Many hospitals and private healthcare facilities use loan forgiveness to recruit nurses, occupational, and physical therapists. Contact the American Physical Therapy Association (1111 North Fairfax St., Alexandria, VA 22314-1488; 1-800-999-2782) or the American Occupational Therapy Association (P.O. Box 31220, 47200 Montgomery Lane, Bethesda, MD 20824-1220; 1-301-652-2682).

    Public Service Loan Forgiveness

    The Public Service Loan Forgiveness Program was created to encourage individuals to enter and continue to work full-time in public service jobs. Under this program, you may qualify for forgiveness of the remaining balance due on your eligible federal student loans after you have made 120 on-time payments on loans under certain repayment plans while employed full time by certain public service employers, including those qualifying as 501(c)(3) not-for-profit. Loan forgiveness is available for the following:

    • Emergency management
    • Military service
    • Public safety
    • Law enforcement
    • Public interest law services
    • Early childhood education (including licensed or regulated childcare, Head Start, and state-funded pre-kindergarten)
    • Public service for individuals with disabilities and the elderly
    • Public health (including nurses, nurse practitioners, nurses in a clinical setting, and full-time professionals engaged in health care practitioner occupations and health care support occupations)
    • Public education
    • Public library services
    • School library or other school-based services
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