New Government Programs to Provide Payment Relief!

With the skyrocketing cost of education coupled with an economy that has been sluggish at best, many graduating students are finding themselves unable to make their student loan payments. Realizing the nature of this growing problem, the US Government has created several programs to assist struggling students from defaulting on their student debt. There are now four programs available to take advantage of:

The Standard Repayment Program
The Graduated Repayment Program
The Income Contingent Program
The Income Based Repayment Program

These programs are designed to provide instant payment relief to those who qualify. The way it works is the Department of Education will actually pay off your student loans in full, which enables you to consolidate all of your federal loans into one new loan through the DOE. Your new payment will be determined based on your income and family size. The less you earn, the less your new payment will be.

Now one might think the interest will accrue and the loan will never be paid off. In theory that would be correct, and that’s where student loan forgiveness comes in. With the new loan obtained through the DOE, the maximum number of months you can be in the loan is 300 months, or 120 months if you work in public service. Regardless to what is left on the loan balance at the end of the term, the remaining balance will be forgiven.

The new loans being offered through the DOE are very flexible and designed to provide payment relief and loan forgiveness. Although you can apply for these new loans on your own, our company serves in the capacity to help you understand these options and assist in preparing the necessary paperwork in a streamlined manner.

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