You withdrew early from the program for which the grant was given to you; Your enrollment status changed in a way that reduced your eligibility for your grant for instance, if you switch from full-time enrollment to part-time, your grant amount will be reduced ; or You received outside scholarships or grants that reduced your need for federal student aid. Rehabilitation Training Program You may be eligible if you are enrolled in an approved rehabilitation training program for the disabled. Pell grants are the biggest grant program. Borrowers must complete an application for release and provide income verification documents as part of the review. Borrowers have different needs, so there are several repayment plans—including income-driven repayment plans, which base your monthly payment amount on your income and family size. Subject to additional terms and conditions, and rates are subject to change at any time without notice. SoFi Disclosures Student loan Refinance: Earnest rate ranges are current as of February 27, , and are subject to change based on market conditions and borrower eligibility. This can be restored in limited circumstances, including if you get a closed school discharge. Joint Consolidation Loans Prior to July 1, , married borrowers could choose to consolidate federal student loans from both spouses or jointly consolidate the loans of either spouse. Teacher Loan Forgiveness Forbearance. Certain eligibility conditions apply and an annual renewal is required — so be sure to find out how these plans work. Under the Direct Loan Consolidation Program, you can consolidate just about any type of federal student loan into a new Direct consolidation loan. Economic Hardship If you're having temporary issues making your student loan payments due to economic hardship or serving in the Peace Corps, you may be eligible for up to three years of deferment. The borrower must meet certain credit and eligibility guidelines when applying for the co-signer release. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. Another common problem is that partial discharge of a joint consolidation loan under any of the discharge programs other than death discharge does not eliminate joint liability for the remaining balance.
Video about consolidating to a direct loan:
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