5. A direct loan or consolidation is needed to enroll in Public Service Loan Forgiveness. PSLF eliminates, or forgives, federal student loans for borrowers employed full time in an eligible public service or nonprofit job who make 120 eligible on-time payments.
Just so, can you remove consolidated student loans from credit report?
You may be able to remove or update information about student loans if it’s inaccurate. … Generally, if the loan belongs to you, it will remain on your credit report. You can’t remove accurate information from your credit report. But if you notice an error on your credit report, you have the right to dispute it.
Also, is consolidation a good idea? Debt consolidation rolls multiple debts, typically high-interest debt such as credit card bills, into a single payment. Debt consolidation might be a good idea for you if you can get a lower interest rate. That will help you reduce your total debt and reorganize it so you can pay it off faster.
Beside this, what is loan forgiveness?
If a debt is forgiven (aka debt forgiveness), then the debt is considered canceled and the amount that was still owed is no longer required to be paid.