The Student Forgiveness Program<<
Today Thu Open Enrollment Thu, 14 Apr 2016 14:17:30 -0400
Just enacted: Obama Student Loan Forgiveness
Public Service Loan Forgiveness (PSLF) Program: Payments as low as $0
*Over 5 million Students Forgiven
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***************** Find out more about the New Student Forgiveness Program
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The federal government will no longer give subsidies to private lending institutions for federally backed loans. Borrowers of new loans starting in 2014 will qualify to make payments based on 10% of their discretionary income. New borrowers would also be eligible for student loan forgiveness after 20 years instead of 25 on qualifying payments. Money will be used to fund poor and minority students and increase college funding So What Are The Benefits of The Obama Student Loan Forgiveness Program
In this program, 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.
The direct loan program offers five different repayment plans:
Standard Repayment – The borrower will pay a fix amount each month for the life of the loan. The payment would be determined by your borrowed amount, interest rate, and term of the loan. Graduated Repayment – The borrower would make payments lower than the standard repayment plan, but would gradually increase every two years. Income Contingent(ICR) – In this plan, the borrower would make payments based on their income, family size, loan balance, and interest rate.Borrowers in the ICR can have a payment as low as $0.00/mo Income Based(IBR) – This plan bases the borrowers payment strictly on their income and family size. The balance of the loan and interest rate are not used in calculating the monthly payment. The borrower would be responsible to pay 15% of their discretionary income to their federal student loans. Borrowers in the IBR can have a payment as low as $0.00/mo Pay As You Earn(PAYE) – This plan usually has the lowest monthly payment, and is also based on your income but uses 10% of your discretionary income as a payment instead of the 15% used in IBR. Qualifying for the PAYE repayment plan is more difficult than the others. Borrowers in the PAYE can have a payment as low as $0.00/mo Public Service Loan Forgiveness
Payments made in the Direct Loan program in an IBR, ICR, or PAYE repayment count as qualifying payments for those who work in the public sector and would like to apply for public service loan forgiveness. In the public service loan forgiveness program, you may qualify for forgiveness after 10 years or 120 payments instead of the standard 20-25 year forgiveness. Unfortunately, many people are not aware that they must be in the Direct Loan program and in one of the correct repayment plans to qualify for this forgiveness. The public service loan forgiveness program is also quite often confused with the term Obama Student Loan Forgiveness. - dafter http://executivesunite.online/19833f3b23766ac3016b34d15_bade0f57/uns/8945014... 3 NINE EIGHT THREE 7 N . MESSNER WAY. NEWRIVERS astonishment ARIZONA 8 5 ZERO EIGHT SIX