Since ABC15's Nick Ciletti talked exclusively with Second Gentleman Doug Emhoff in April to learn more about the Biden Administration's latest plans for student loan forgiveness, he's gotten several e-mails from ABC15 viewers, asking him to follow up with their questions.Here's what Jennifer said:
"If we have a private spousal student loan will we ever be eligible for Public Service Loan Forgiveness? We have been paying for 10 years and if we had not consolidated into a private it would be forgiven. We have been told to consolidate and apply through the federal government and it is always rejected." To answer Jennifer's question, we reached out to the White House directly to check back in."It would depend on what kind of loan she has.
Unfortunately, Jennifer doesn't qualify for any of the programs currently offered through the White House, but ABC15 didn't want to leave her hanging.
Nerd Wallet: ...When you talk about student loans, consolidation and refinancing are not the same thing. When you bundle your loans together and make them into one loan, that is a loan consolidation. If you do the same thing but you do it with a private lender, which sounds like what this viewer is describing, that is a refinance and that is a completely different animal.
Nerd Wallet also suggested checking out tools offered at https://studentaid.gov/. You can try out a simulator that gives you a better idea of what a payment could look like if you consolidate or refinance.