Consolidating your student loans will allow you to take advantage of Student Loan Forgiveness however, you must maintain on time monthly payments on your college loans. Obama’s Student Loan consolidation/ College Loan Forgiveness, offers superior benefits such as Public Service Loan Forgiveness , Pay As You Earn, and Teacher Loan Forgiveness.Student loan forgiveness for teachers through student Loan Consolidation, you will have more money available to meet other living expenses including housing and career related necessities.