While students are always worried about the fact that student loans can’t be discharged through bankruptcy, one of the greatest opportunities for the stressed out college students is student loan forgiveness or loan repayment options. When the students fail to repay their loans due to stringent financial hardships, they start worrying about the ways in which they can eliminate their debts in such a way so that they don’t have to worry about it later. The student loan forgiveness programs come as a respite to the borrowers who are saddled with a huge amount of educational loan debt. Such programs eliminate anything around a few thousand dollars to $100,000 of student loans. However, unfortunately, such programs usually receive fewer number of applications as most students are unaware of these opportunities.
Student loan forgiveness and the Consumer Financial Protection Bureau
According to the Consumer Financial Protection Bureau, around one-fourth of the American workforce might be eligible for loan repayment or the student loan forgiveness programs. After the students graduate from college, they’re usually given a grace period to look for a job so that they can start repaying their federal loan payments. But if you are living in a real world, you will be aware of the fact that there are faint chances of grabbing a good job with which you can continue paying your federal loans. Figuring out whether or not you qualify for the student loan forgiveness programs require some legwork but once you come to know about them, you will be surprised by the number of options. Below listed are the ways in which borrowers can get a portion of their student loans waived off through the student loan forgiveness programs.
- By joining the military: Did you know that from the National Guard to the Army, each and every branch of the military has its own personalized student loan forgiveness program? However, the amount that will be forgiven will depend on the rank that you’ve achieved as a government employee. All those who are interested, they should contact their local branch in order to come to know about the options.
- Be a public school teacher in an area with low median income: Have you ever heard of the Teacher Forgiveness Program? Through this program, up to $17,500 can be waived off from your FFEL or Direct Loan. However, this can only be done in exchange of five consecutive years as a teacher in any low income elementary secondary school.
- Get a government non-profit job: Those who borrowed student loans under the William D. Ford Federal Direct Loan program, you can apply for Public Service Loan Forgiveness Program. Through this program, the full-time employees in the non-profit sector can easily have a remaining portion of the outstanding debt forgiven after they’ve made 120 qualifying loan payments.
- Apply for the Income Based Repayment Plan: Any student borrower who doesn’t have the ability to repay his debts, should choose to apply for the Income Based Repayment Plan. Through this program, the monthly payments of the students are not more than 15% of the discretionary income. In reality, there are some borrowers who make so little money, that they end up qualifying for $0 payments. After he completes 25 years of making the adjusted payments, the remaining balance is completely waived off.
Therefore, when you’re someone who has been saddled with an overwhelmingly large amount of student loan debt, you need not fret as the student loan forgiveness programs are there to help you out. For all your other debt issues, you can request online financial help in order to eliminate your liabilities.
I’ve looked at a few websites and yours has seemed to be the best for what I need. I do need help with what to do with my loans and the fact that I’m so financially strapped and unable to keep up with them, nor make enough.
I like the fact that you say one person walks me thru it. I’m older than the average student by far. What I went to school for did not work out at all and now cannot make enough to cover my loans.
If you can help me please let me know.
Thank you
David you can give us a call at 866-921-8053 we can assist you if you would like
What options are there for someone who should have known better but didn’t see it until too late? In my case, the “school” (which, by the way was accredited) shut down about 3 months after I “graduated”. It was a 9 month course, learn at your own time/speed using the “computers” in their “school”. I had learned basic database programming skills while on the job in the 80’s. But after that company shut down (consumed by another company) I was out of work and could not get programming work. So I went to the school and told them of my 3 yrs experience with BASIC and dBASE (at that time). I wanted to learn other languages like C, Pascual, etc. They told me that I’d learn them, and I bought their line. I ended up graduating with 98% GPA, which by most standards the student would be proud. The problem is that I knew most of what they “taught” before I walked in their door. Even after several complaints to their management I could not get a refund. I later found out that may have been due to the # of complaints. I should have retained an attorney before they closed, but it seems the government prefers to protect the businesses instead of the people. They have hounded me for over 20 years and while a good portion of that time was in deferment, I have been working and paying the balance for much longer than planned, for something I DID NOT RECEIVE. I believe that since they were “accredited” a lot of the blame is the governments. Any idease?
I have a question i got i to bankruptcy 5 years ago in that moment when I try to continue. My payments they dont let me it pass about a year and half because of that it gain a lot in interests then i begin repayment with this company hired for collecting money i paid 200 hundred for a period of 10 month then i receive a comunication that my loan was not any more in default and then i will be back repaying my loan to my original lender since that is already pass more than one year instead of lowering my full amount i notice is going up and up right now i am going to have a very important surgery and i would not work for more than 2 months from recovery my loan is behind in payments for 3 months i dont know what to do they said ask for forbeance or postponing my payments but if i ask for that the interest will go higher is there is a way to lower my payments the estimating time for full repayment my loan is more the 25 years i will be 80 i think i will no live that longer is ridiculous ,,, need some advice please
Our son has a FFEL Stafford Subsidized Loan obtained in 1995. Balance is 1,407.00. It may not seem like much to pay off, but now as much as he wants to pay the loan off, financially he is struggling being disabled with very low income the stress of health problems along with living & health care struggles it is difficult to make payment. Is there help to have the remaining debt forgiven?
If he is permanently disabled he can apply to have the loan discharged. If not, his best best it to enter into an income based repayment which can give him a zero payment if hes not currently working or has a low income. After 25 years the debt would be forgiven, but I doubt he would have a balance since the balance is so low.
WHAT ABOUT IF UR LOANS HAVE DEFAULTED AND U WANT. TO STOP THR GARNISHMENT? IS THERE ANY HELP OUT THERE? THEY SAY I CAN MAKE 9 CONSECUTIVE PAYMENTS IN ADDITION TO GSRNISHMENT TO GET IT Stop. Is there anything else I can do? I can’t afford both the payment and the garnishment.
Jamahal, you can apply to request a hearing to lift the wage garnishment. If you legitimately cannot afford it, they will stop the garnishment. Also take a look at this page to get an idea of how wage garnishment works.
I have been out of school since 1992 and I know I shoukd have paid this loan off by now. So I’m asking for student loan forgiveness .