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Consolidation Benefits

  • Ascendium Education Solutions guarantees Federal Family Education Loan Program (FFELP) loans. Normally these loans do not qualify for Public Service Loan Forgiveness (PSLF) and consolidating them into the Direct Loan program previously reset any progress towards Income-Driven Repayment (IDR) forgiveness.
  • However, the Department of Education announced limited time waivers allowing FFELP borrowers to receive PSLF credit for past periods of repayment and providing one-time IDR account adjustments to bring borrowers closer to IDR forgiveness.
  • Both waivers are for a limited time. The PSLF waiver is scheduled to end October 31, 2022 and the IDR waiver is scheduled to end January 1, 2023. You must consolidate into the Direct Loan program before these dates to take advantage of the waivers. To take advantage of the PSLF waiver, you must also submit a PSLF Certification and Application Form before the waiver ends.
  • Direct Loans have other benefits FFELP loans do not, including access to more generous IDR plans.
  • Except for FFELP loans in default there is no fee or cost to consolidate, and you can do it here. Consolidating FFELP loans out of default adds collection costs to the balance.
  • Explore the PSLF waiver by logging into Federal Student Aid’s PSLF Help Tool. You will need an FSA ID to log in and can create one if you have not already.