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Availing student loans in USA is no longer a burden if you are covered by the Obama Student Loan Forgiveness system.Here are top frequently asked questions related to the novel and progressive reform.
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Top 6 FAQ’s related to Obama Student Loan Forgiveness
Program
At the time of its introduction, the Obama Student Loan forgiveness scheme was riddled with so many gaps. From restrictive eligibility criteria to lot of misinformation floating around its benefits, the program was almost tagged as the most negative reform in the education system in recent years. However, with adequate efforts by the lenders and the federal agencies, the forgiveness plan has actually managed to gain tremendous popularity.
Availing student loans in USA is no longer a burden if you are covered by the Obama Student Loan Forgiveness system. Here are top frequently asked questions related to the novel and progressive reform.
1. Does loan forgiveness mean cancellation of the debt?
Yes, the Obama loan forgiveness scheme for nurses, teachers and military is actually a step to write off the remaining debts against their loan account. The debt relief program is steadily gaining support from federal lenders who are no longer pushing their borrowers month after month. Once loan forgiveness is approved, the reminder amount in debt is cancelled after 20 years of consistent repayment.
2. Will I earn more forgiveness if I work in public sector?
To boost public sector employability and attract talent into the government organizations, Obama introduced the forgiveness program. To earn forgiveness in a shorter time, students can choose professions in medicine, research, education, hospitality, fire safety, law and order, and military.
3. Can I consolidate the student loans with other accounts?
Obama student loan forgiveness gives the borrower an option to consolidate the existing loan with other federal loans for consistent repayment schedule. The consolidation serves two purposes:
O Timely payment of all loansO Earn rightful extension from lenders in case of serious economic crunch
4. How to ensure I am eligible for the student loan forgiveness as of now?
As of now, student loan borrowers with loans older than October 2007 are yet to be covered under the program. Reforms are underway to accommodate the older loan borrowers once the existing coverage benefits are studied. In order to qualify into the program, the borrower has to fulfil these criteria.
O You have availed both Direct & guaranteed federal loans O Both these loans were disbursed in year 2008, or afterwardsO You have not defaulted the student loanO Your loans are exclusively Federal, and not private loans
5. Whom should I contact to avail loan forgiveness benefits?
The first agency you should contact to avail benefits of loan forgiveness is the federal loan provider. Ask them if you meet the criteria for the loan forgiveness and complete the application form online. You can apply for the forgiveness by filling application form for Income Based repayment; Pay As You Ear and other approved repayment plans.
6. Will automatic payment help me earn forgiveness?
Yes, it will as you are eligible to receive 0.25 percent discount in the monthly payments. It will help earn forgiveness on time for sure as it ensures the debt money is arriving consistently without missing on deadlines.
Contact Us
Student Debt Center
Name - Cesar Buitrago
Address - 18459 Pines Boulevard, Suite 532, Pembroke Pines, FL 33029
Contact No. - 800-551-7187
Email - [email protected]
Website - http://studentdebtcenter.org/
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