History of Federal Student Loan Forgiveness

casual student or teacher in a classroom full of studentsThe Health Care and Education Reconciliation Act of 2010 was proposed and passed by President Obama to help the general public with this enormous Student Loan Debt problem. There is over 2 trillion dollars in Federal Student Loan Debt and the amount of borrowers going into default is severely effecting the economy in a drastic way. When a borrower neglects their Federal Student Loan payment for a minimum of 6 months, their loans may go into default and the following negative actions may be taken directly from the Federal Government : wages may garnished from borrower as well as their spouse’s taxable wages if they file jointly on taxes, garnishing of their tax returns, they may not be eligible for future funding of loans or schooling as well as the borrowers credit score to be effected in a negative way.

In order for us to get our heads above water, we must take advantage of this law as well as these Federal Forgiveness Programs for our financial benefit.  I’m not sure about you, but having to make an enourmous monthly payment only 6 months after graduated could be exhausting.

The William D. Ford Federal Direct Loan Program provides low-interest loans for students and parents to help pay for the cost of a student’s education after high school. The lender is the U.S. Department of Education, rather than a bank or other financial institution.  Thanks to this law and these new programs, there are many benefits that a borrower can take advantage of. The borrower has the ability to consolidate all their federal student loans into one new loan, and in that consolidated loan the borrower is able to choose a repayment plan that is affordable and may forgive a big portion if not the entire balance of their Federal Student Loan.

Find out how we can help you today. At no cost or obligation you may speak to one of our highly trained Student Loan Advisors to find out what you may be eligible for when it comes to Student Loan Forgiveness or a better repayment plan change for your benefit.

 

Don’t waste another dollar, contact us today.  



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