Forgiveness Programs are Real – Find out if you are eligible. (888) 856-2668
Whether you call it student loan forgiveness, student loan cancellation, student loan eradication, or student loan obliteration, in the end it means the same thing: The elimination of your obligation to make any payments toward money you borrowed for your education. Sounds like something worth checking into.
Call and ask about your eligibility, since new programs come out from year to year, and they may have specific requirements.
Here is a starter list:
- Nurses and Physician Assistants
- Social Workers
- Employees in public service (police, public defender, etc.)
- Employees in state or federal government
- Employees in non-profit organizations
- Military Personnel
- Peace Corp Volunteers
- Other programs available by specific states
If you fall into any of these categories and qualify for benefits, the government will eliminate your remaining debt after you make timely payments for an allotted period. But you must sign up.
What’s the Catch?
We wondered that too, since we’ve all been told that there is no “free lunch”, and that if something sounds too good to be true, it probably is. But there is a real reason why the government wants to help you pay your loans. It turns out to be smart policy to encourage citizens to enter professions where critical services are needed for the public well-being.
Some student loan forgiveness programs require that you work in a specific type of job and make 120 payments (10 years) on your loans without being late. At that point the Department of Education will wipe out any remaining balance. Some programs only require you to make payments for a few years, before they will eliminate the remaining debt. To get on these programs, you must sign up. Call to find out if you are eligible, and learn all your options.
Lower Your Payments (888) 856-2668
Wonder What Could Happen if you Default on Your Student Loan?
Umm. You might want to sit down for this…If you fall 9 months back on your federal student loan without making any payment arrangements, your lender will put your loan in default status. If you have a private student loan, you are considered in default with your first missed payment.
Don’t let this happen if you can help it. Although it may seem a lower priority payment than the roof over your head, the transport you have to work, or food for you and your family, don’t treat it like credit card debt. When you default on a student loan, some troubling things get set into motion which can make your life very uncomfortable. If you are headed in this direction, speak with a counselor and see if you qualify for relief or forgiveness. It is much wiser to learn your options for help paying student loans, than hoping it will go away. The following warning is not intended to alarm you, or cause undue fear. We just want you to know some of the dangerous terrain of troubles in this area. If you don’t like the sound of it, and you wonder if you qualify for student loan relief, call and get some student loan help today.
Default Recovery Help (888) 856-2668
If You Default on Your Student Loan…..
1) The Loan Accelerates. This means that the entire balance of the loan becomes due. You cannot just add up the amount you fell behind and ask that wealthy relative to send a check to your lender. They’ll send it back and saying “thanks, but No thanks”. They can only accept the arrears if they are attached to a new pay plan which is agreed to by the lender.
2) Lasting Credit Damage. Defaulting on a student loan will show up as a negative entry on your credit report and reduce your score. The effect will sting for many years as the default remains on the report even if you emerge from default later. In today’s economy lender’s are requiring higher scores to approve loans for mortgages. Don’t be denied your dream home years from now because you let your student loan default.
3) Walloping fees and costs. Ugh. The fine print of student loans can contain some harsh penalties for default. Your total balance could soar overnight to 20% over the original amount! One day you could owe the original $50,000, and the next day you owe $62,500! When they send your loan file to a collection agency, the cost to collect the debt is passed onto your balance. Sounds pretty scary. We agree.
4) Aggressive Collection Action. The collection industry bids each year for contracts with the Department of Education and other lenders of student loans. They’ll aggressively pursue you by phone and mail. They might start calling you at work, since they can do that until you ask them not to. If you are awarded the best student loan consolidation available, you would not receive stressful phone calls, as the smaller payments would be more manageable.
5) Lose Your Professional License or Credential. Many professions require a license to practice. Found in medical, legal, therapists or other credentials where the public places trust in an individual. Depending on your occupation and area of expertise, if you default on a student loan you could be stripped of that license to perform your work.
6) A Shocking Trim Of Your Take Home Pay. Imagine looking at your paycheck, and finding that your net pay was only 75% of what you normally see on the net pay line. A defaulted student loan can result in a garnishment of your wages of up to 15% of your disposable income. But if you have more than one loan guaranteed by the federal government, it could go up to 25%. Although you would be notified 30 days before garnishment, you would not know if you shoved those mailed notices in a drawer.
If you are having troubles, seek help paying student loans. Speak with an expert and learn about the many new programs available. They will explore all available options to reduce your payment, pull it out of default, or in some cases, student loan forgiveness. Have a conversation with a counselor.
Student Loan Relief (888) 856-2668
Is Bankruptcy a way out?
Probably not. It is rare that student loans can be discharged in a bankruptcy. Although it is not considered a secured debt since there is no collateral, it remains “not dischargeable” much like child support obligations and income taxes. In the rare cases where it can be argued for discharge, the judge must be convinced that the debt places an undue hardship on your ability to lead an otherwise normal life. These rare cases can include a permanent disability preventing you from entering the workforce with no foreseeable prospects for future earnings. To speak with a bankruptcy attorney about whether you might qualify for a discharge of your defaulted student loan, click here for free bankruptcy advice.
Why speak with an expert now?
If you are struggling with your payment, you may qualify for Student Loan Relief. New programs can reduce your payment. The department of education has new programs which reduce you payment by adjusting it to your income. That’s why they call it the income-based repayment plan. This means if you are between jobs or not earning the amount of money to comfortably make your payment, you can drastically reduce your student loan payments. Call and find out if you qualify for student loan relief today.
The counselors at the Student Loan Relief Helpline are caring people. Many of them had troubling student loans of their own. Make today the day you take a step and call. Even if you do not make any big changes today, at least learn about your options for student loan relief.
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Additional phone numbers for The Student Loan Forgiveness Helpline include: 800-379-0954, 888-563-6260, 888-694-8235, 888-699-5772, 888-756-1671, 866-836-9168, 888-661-8973, 888-850-4819.