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Student loan consolidation is an attractive option. However, it can be a confusing process. Check one wrong box on the application, and you may get locked into a payment that you cannot afford.

Here is a recent Golden Financial Services client who had their loans consolidated and paid off. Their new monthly payment is $0 per month, also on a path towards loan forgiveness!  Is this even possible? Let’s take a closer look.


$30,000 of student loan debt has been consolidated and the client is left with a zero dollar payment.
Over $30,000 in Student Loan DebtConsolidated and Paid Off – NEW PAYMENT ONLY $0 PER MONTHCLICK HERE TO LEARN MORE

How can a person get a monthly payment of only “$0 per month” after consolidating?

“The William D. Ford Federal Direct Loan Program (also called FDLP, FDSLP, and Direct Loan Program) provides “low-interest loans for students and parents to help pay for the cost of a student’s education after high school. The lender is the U.S. Department of Education … rather than a bank or other financial institution.” [1]

When consolidating student loans through a hardship program; family size and income are the main factors that determine a person’s new monthly payment. Not everyone will qualify for a $0 payment. However; if you have a financial hardship or a significant reduction in your gross annual income, your goal should be to get a payment that is as close to $0 per month as possible. 

A person can base their income on either their tax return or pay stubs within the last 90-days, depending on which will show the lowest income amount, if your goal is to get the lowest possible payment.

Today’s blog post is solely focussing on the hardship based student loan consolidation plans. 

What are the different hardship student loan plans available?

There are a few plans including; the “Pay as you Earn (PAYE),” “Income-Based Repayment Plan (IBR)” and “Income Contingent Repayment (ICR).”

Can the payment change after you are approved?

Yes, it can. A hardship based federal student loan consolidation plan must get recertified every 12 months. If you forget to recertify your program, you can quickly get kicked out, and your payment goes up. These plans are ideal for either a person that has a low paying job, had an unexpected financial hardship or for someone that couldn’t find any work after college.

It’s unbelievable how difficult and confusing the government makes it, to get approved for the right program. Most students are unaware of how to consolidate their student loans and what options are available.


How Does Loan Forgiveness Work?

With loan forgiveness, after a certain number of qualified payments, if there is still a remaining balance on your consolidated student loans, the loan balance will be completely forgiven. If a person works for a non-profit or in public service jobs, they will be eligible for loan forgiveness after 120 qualified payments, versus 250-300 payments for other students. Anyone that works in public service or for a non-profit – NEEDS TO TAKE ADVANTAGE OF THESE BENEFITS.

Forgiveness, cancellation, and discharge of your loan mean that you are no longer expected to repay your loan. After you consolidate your loans, there is a loan forgiveness period. In this example below, our client was eligible for loan forgiveness after 300 qualified payments.

We often see clients at Golden Financial Services who are eligible for over $50,000 in loan forgiveness.

Just today, we submitted a student loan repayment plan that projects a loan forgiveness amount equal to $93,007, as seen in the example below.

loan forgiveness can allow your balance to be canceled.
If you are looking to consolidate student loans – including federal or private student loans, VISIT THIS PAGE NEXT.

Most importantly, if you are delinquent on your student loan payments, take action fast to avoid garnishment and your credit report from being ruined. Student loan consolidation and loan forgiveness options are only one step away, learn more.



Golden Financial Services,


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