Student Loans Consolidation Program

There are many advantages for consolidating your federal student loans!

  • Obtain a better repayment plan
  • Lower monthly payments
  • Lower interest rate
  • Consolidate multiple student loans into one or two loans
  • Improves your credit report & scores
    • Reduce your debt to income ratio
    • Reduce the total installment loans in your credit report
  • If you are currently behind, get back on track!

If federal student loan payments are piling up and the payments are becoming too much to handle, then Golden Mountain Consulting has the solution for you. Submit an inquiry form to learn more.

Repayment Plan Options

Standard Repayment Plan:
With the standard plan, you’ll pay a fixed amount each month until your loans are paid in full. Your monthly payments will be at least $50, and you’ll have up to 10 years to repay your loans.

The standard plan is good for you if you can handle higher monthly payments because you’ll repay your loans more quickly. Your monthly payment under the standard plan may be higher than it would be under the other plans because your loans will be repaid in the shortest time. For the same reason—the 10-year limit on repayment—you may pay the least interest.

Graduated Repayment Plan:
With this plan your payments start out low and increase every two years. The length of your repayment period will be up to ten years. If you expect your income to increase steadily over time, this plan may be right for you.

Income-Based Repayment Plan:
Under this plan the required monthly payment will be based on your income during any period when you have a partial financial hardship. Your monthly payment may be adjusted annually. The maximum repayment period under this plan may exceed 10 years. If you meet certain requirements over a specified period of time, you may qualify for cancellation of any outstanding balance of your loans.

Income Contingency Repayment Plan:
This plan gives you the flexibility to meet your student loan consolidation obligations without causing undue financial hardship. Each year, your monthly payments will be calculated on the basis of your adjusted gross income (AGI, plus your spouse’s income if you’re married), family size, and the total amount of your Federal Student Loans.

How do I know if my loans are eligible for a consolidation?

There are many types of student loans out there and only certain ones are eligible for consolidation. To see if your loans are eligible we listed all of the approved loans below that can apply for a student loan consolidation with:

  • Subsidized Loans:
    • Subsidized Federal Stafford Loans
    • Direct Subsidized Loans
    • Direct Subsidized Loans
    • Direct Subsidized Consolidation Loans
    • Federal Insured Student Loans (GSL)
    • Guaranteed Student Loan (GSL)
  • Unsubsidized Loans:
    • Unsubsidized and Non-subsidized Federal Stafford Loans
    • Direct Unsubsidized Loans, including Direct Unsubsidized Loans (TEACH)
      (converted from TEACH Grants)
    • Unsubsidized Federal Consolidation Loans
    • Direct Unsubsidized Consolidation Loans
    • Federal PLUS Loans (for parents or for graduate and professional students)
    • Direct PLUS Loan (for parents or for graduate and professional students)
    • Direct PLUS Consolidation Loans
  • Federal Perkins Loans
  • National Direct Student Loans (NDSL)
  • National Defense Student Loans (NDSL)
  • Federal Supplemental Loans for Students (SLS)
  • Parent Loans for Undergraduate Students (PLUS)
  • Auxiliary Loans to Assist Students (ALAS)
  • Health Professions Student Loans (HPSL)
  • Health Education Assistance Loans (HEAL)

How can you receive forgiveness on your student loans?

In 2007, Congress created the Public Service Loan Forgiveness Program to encourage individuals to enter and continue to work full-time in public service jobs. Under this program, borrowers may qualify for forgiveness of the remaining balance due on their eligible federal student loans after they have made 120 payments on those loans under certain repayment plans while employed full time by certain public service employers.

What types of jobs qualify for forgiveness?

  • A federal, state, local, or tribal government organization, agency, or entity(includes most public schools, colleges and universities)
  • A public or family service agency
  • A non-profit organization under section 501(C)(3) of the Internal revenue Code that is exempt from taxation under 501(a) of the Internal Revenue Code (includes most non-profit private schools, colleges, and universities); A Tribal college or university; or A organization that is not a for-profit business, a labor union, a partisan political organization, or an organization engaged in religious activities.
  • Emergency Management
  • Military
  • Law Enforcement
  • Public interest law services
  • Early Childhood Education (including licensed or regulated health care, 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; and School library or other school based services.

What type of repayment plan is eligible for loan forgiveness?

To maximize your loan forgiveness benefit, you should repay your loans on the Income-Based Repayment (IBR) or the Income-Contingent Repayment (ICR) Plan, which are two of the repayment plans that qualify for loan forgiveness. Other qualifying repayment plans are the 10-year Standard Repayment Plan or any other repayment plan where your monthly payment amount equals or exceeds what you would pay under a 10-year Standard Repayment Plan.


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