federal student loan, consolidate student loans  It is almost that time for me to start paying back a federal student loan so I did some researching to find ways on how to do it effectively. For the person that has educational debt from multiple lenders it can be smart to consolidate student loans but this is only helpful if you have different interest rates on your loans and can find a consolidated one that beats what you are already paying.

I found that any student who has enlisted in the Military, Air Force or Coast Guard can apply for a loan payback program funded by the government. The government will pay up to 65,000 dollars to a single person’s federal student loan over three years.

Joining the U.S. Peace Corps will also make paying back a federal student loan easier but only if it is a Perkins Loan which means the money is guaranteed from a university and not a bank. Students who do qualify can see a 15% cancelation of educational debt per year in the Peace Corp.

Teachers can apply for loan repayment plans from fedmoney.org that will cut or even cancel out a federal student loan.