Federal Pell Grants, Federal Supplemental Educational Opportunity Grants (FSEOG), Academic Competitiveness Grants, National SMART Grants, and TEACH Grants.In certain instances, you may have to repay part of a Federal grant awarded to you.This conclusion may not be as easy to determine and certainly would not be determined merely by asking “whether the student received funding from Chase.” Although Chase currently only provides private loans, not too long ago they were also providing funds for federal student loans.The reason a student must determine how they financed their education is because a federal student loan and a private student loan cannot be consolidated together, but must consolidate separately.
The increase in use of private student loans came about around 2001 once the increase in the cost of education began to exceed the increase in the amount of federal student aid available.
But before you dismiss the idea of refinancing, you should first take a look to see if any of these benefits apply to you.
For example, under the Public Service Loan Forgiveness Program (PSLFP), your Direct Loan balance may be eligible for forgiveness after 120 payments if you’ve worked in the public sector that entire time.
And while you’re at it, check out So Fi’s new Student Loan Debt Navigator tool to assess your student loan repayment options. With prevailing interest rates at historic lows, some private lenders offer rates that are significantly better than a high-rate federal loan.
This is particularly true for grad school borrowers who use unsubsidized Direct loans and Graduate PLUS loans to finance their education.