General Political Fúckery Thread: 119th Congress Begins!

Reality Check

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ADevilYouKhow

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Payday23

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Question: I got my loans consolidated under a private company. Does this mean I don't qualify for any federal loan forgiveness?
Doesn't look good


The Department of Education doesn’t charge borrowers any fees to consolidate. Private companies may reach out and offer to consolidate your loans for a price, but they have no affiliation with the government.

Private lenders may be able to offer a lower interest rate, although that is unlikely and based on your credit score. But consolidating your federal loans into a private loan has risks—including that you’d lose the option to have your debt forgiven.

Another thing to consider when consolidating, according to McKibben: whether you have a lot of unpaid interest.
 
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