Teacher Loan Forgiveness Federal Student Aid Teacher loan forgiveness programs

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Student Loan Forgiveness - Docupop Student Loan .

Public Service Loan Forgiveness (PSLF)

If you are employed full-time with a qualifying public service organization or serving as a full-time AmeriCorps or Peace Corps volunteer, you could potentially qualify for forgiveness on your Direct Loans after 120 qualifying payments on an eligible repayment plan.

You may qualify if your school closed and you were unable to complete a comparable program at another school through a , by transferring academic credits or hours earned at the closed school to another school, or by any other comparable means, if:

There is currently no federal application for requesting this discharge.

If you believe you may qualify, you should contact us to discuss your situation. You will need to present evidence in order to be considered for this discharge program installment loan payment calculator

Forgiveness, cancellation, or discharge of your loan means that you are no longer required to repay some or all of your loan.

What are the differences between forgiveness, cancellation, and discharge
When can my federal student loans be forgiven, canceled, or discharged
How do I apply to have my loan forgiven, canceled, or discharged
Do I need to make payments while my forgiveness, cancellation, or discharge application is being reviewed
What happens if my application is approved
What happens if my application for loan forgiveness, cancellation, or discharge is denied
I’m a parent who took a PLUS loan to help pay for my child’s education. Can my loan ever be forgiven, canceled, or discharged

What are the differences between forgiveness, cancellation, and discharge

The terms forgiveness, cancellation, and discharge mean the same thing, but they’re used in different ways. If you’re no longer required to make payments on your loans due to your job, this is generally called forgiveness or cancellation. If you’re no longer required to make payments on your loans due to other circumstances, such as a total and permanent disability or the closure of the school where you received your loans, this is generally called discharge.

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When can my federal student loans be forgiven, canceled, or discharged

You must repay your loans even if you don’t complete your education, can’t find a job related to your program of study, or are unhappy with the education you paid for with your loan. You also can’t claim that you have no responsibility for repaying your loan because you were a minor (under the age of 18) when you signed your promissory note or received the loan. However, certain circumstances might lead to your loans being forgiven, canceled, or discharged.

The list below is a quick view of the types of forgiveness, cancellation, and discharge available for the different types of federal student loans.

*FFEL Program loans and Perkins Loans may become eligible for Public Service Loan Forgiveness if they are consolidated into the Direct Loan Program.

In addition to the types of forgiveness, cancellation, and discharge shown above, you may also be eligible for discharge of your federal student loans based on borrower defense to repayment if you took out the loans to attend a school that misled you, or engaged in other misconduct in violation of certain state laws, and if the school’s act or omission directly related to your federal student loans or to the educational services that you paid for with the loans.

Direct Loan Program and FFEL Program False Certification of Student Eligibility or Unauthorized Signature/Unauthorized Payment Discharge

You may be eligible for a discharge of your Direct Loan or FFEL Program loan in these circumstances:

Contact your loan servicer for more information. If you don’t know who your loan servicer is, visit "My Federal Student Aid loan amortization schedule with balloon payment"

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Obama Student Loan Forgiveness Program Student Loan .

See if you qualify to have your loan debt reduced or eliminated, depending on your professional or personal situation.

*Visit MyFedLoan.org/PSLF for more information. You can also obtain contact information to speak with a PSLF trained representative at FedLoan Servicing loan payoff early calculator

10 Student Loan Forgiveness Cancellation and Discharge .

In 2010, President Obama signed into law the Health Care and Education Reconciliation Act, and ushered in a new era of student loan repayment and student loan forgiveness options.

And while it isn’t the official name, the act has been labeled by many Americans as the Obama Student Loan Forgiveness Program. However, rather than just reforming one single program, the act transformed nearly the entire student loan landscape.

Here’s how the act, which we’ll refer to as the Obama Student Loan Program, impacted federal student loans once it went into effect:

Beyond these benefits, how did President Obama help with student loans exactly Here are some more details to help you get started.

Discover if you qualify for an Obama forgiveness program right now for free.

SEE IF YOU QUALIFY

Obama Loan Forgiveness Programs Available

Since the Obama Loan Forgiveness Program affected several existing federal student loan programs, there are a number of ways to qualify for each.

For more information on each program, click on the following links to explore how the individual Obama forgiveness program can help you.

Standard Repayment Plan

If you have federal student loans that qualify, the Standard Repayment Plan lets you pay off your loans at a fixed rate for 10 years, after which your loans will be paid off completely.

Income-Contingent Repayment (ICR) Plan

To qualify for the Income-Contingent Repayment (ICR) Plan, you’ll first need to have eligible federal student loans.

While the ICR Plan is ideal for anyone with a low income, there isn’t an income requirement associated with the plan. Through this program, your monthly payments are based on your discretionary income, or the amount you’d pay over 12 years on a fixed repayment plan.

Income-Based Repayment (IBR) Plans

There are two IBR programs available, including the original Income-Based Repayment (IBR) Plan and the IBR for New Borrowers Plan. Like other plans, you’ll need to have federal student loans that qualify, and you’ll also need to sign up for the program that is designed for when your loans originated.

For the IBR Plan, these are any loans made prior to July 1, 2014. IBR for New Borrowers, on the other hand, are for loans originating after that date.

Another requirement you will need to demonstrate is a partial financial hardship, which is based on your income, your state’s poverty level and your family size.

Through these programs, you can have your monthly payments capped at 10-15 percent of your discretionary income if you qualify, which is a huge benefit to struggling borrowers. Your payments will then be adjusted annually, but you could earn forgiveness after 20-25 years of qualified payments.

For more details on Obama Loan Forgiveness, speak with student loan specialist by phone at 800-771-6358.

Pay As You Earn (PAYE) Plans

As part of the Obama Student Loan Forgiveness Program overhaul, both Pay As You Earn (PAYE) and the new Revised Pay As You Earn (REPAYE) programs were set into motion.

The PAYE Program offers those with qualifying federal student loans under financial hardship the ability to repay student loans made before October 1, 2007 – as well as disbursed or consolidated loans made on or after October 1, 2011 – at 10 percent of discretionary income.

The REPAYE Program is similar to the PAYE Program, but includes all qualifying federal student loans, regardless of their origination date. Like the PAYE Program, monthly payments through the REPAYE Program are capped at 10 percent of your discretionary income.

Both programs offer forgiveness after 20 years of qualifying payments, unless you have earned a graduate or professional degree, in which case you will need to make 25 years of consistent payments in order to qualify.

Graduated Repayment Plans

If you’re interested in reducing your monthly payments for a short period of time, the Graduated Repayment Plan, the Extended Fixed Repayment Plan and the Extended Graduated Repayment Plan may be able to help.

With qualifying federal loans, the Graduated Repayment Plan will reduce your payments for the first two years upon approval. During this time, you’ll only be making payments towards your loan’s interest.

Once the two years are up, more of your payments will go towards a loan’s principal, and your repayment period will be based on your balance.

If your student debt is more than $30,000, the Extended Fixed Repayment Program may help, as long as you have loans that qualify and don’t have any outstanding balances prior to October 7, 1998. For the first two years under this program, all your payments will be made towards your loan’s interest at a fixed payment amount. After two years, you’ll then begin paying towards your principal, and you’ll have up to 25 years to repay your loan.

The Extended Graduated Repayment Plan is similar to the Graduated Repayment Plan, except it gives you up to 25 years to repay your student loans, while keeping your monthly payments low for the first two years.

These plans are ideal for anyone who has a lower income and is expecting to make more money in the near future, or those who want to have more of their income to spend for the initial two years of each program.

Find out if you can take advantage of Obama Loan Forgiveness for free.

SEE IF YOU QUALIFY

Teacher Loan Forgiveness

Obama student loan forgiveness for teachers is available in several ways, if you’re a qualified teacher who has one of several required federal student loans, and you’re working in a school that also meets the requirements for this type of plan.

In addition to a Perkins Loan Cancellation, which could eliminate any existing debt on your Perkins Loan, there are a number of other programs you may be eligible for.

As part of the Obama forgiveness initiative, these programs give teachers a way to continue in the profession they love, while still having the ability to make reasonable monthly payments. Additionally, you may have an opportunity to have your debt eliminated completely if you meet a program’s qualifications.

Public Service Loan Forgiveness (PSLF) Program

If your career has you serving the public in a public service position, non-profit organization or similar agency, you may qualify for the Public Service Loan Forgiveness (PSLF) Program.

As a borrower of qualifying federal student loans, as well as working for a qualifying employer, you may be able to have your debt erased completely after making 120 consistent, on-time payments. This means that within 10 years of making student loan payments, you could have the remainder of your debt forgiven – and you won’t have to claim it on your taxes, either.

Total and Permanent Disability (TPD) Discharge

Obama student debt forgiveness also includes the Total and Permanent Disability (TPD) Discharge, which is an incredible program for borrowers who have a disability or permanent injury that prevents them from repaying student loans.

If you are unemployable and can have your total and permanent disability verified by the U.S. Department of Veteran Affairs or your physician, you could qualify for this program. These include physical and/or mental impairments that have persisted for 60 months or more, are expected to continue for that length of time, or may ultimately result in death.

By getting approved for a TPD Discharge, you could have your debt erased immediately, without the accompanying repayment period of other types of forgiveness programs.

For more details on Obama Loan Forgiveness, speak with student loan specialist by phone at 800-771-6358 suntrust loan department

80 Different Ways To Get Student Loan Forgiveness

For many student loan borrowers, student loan forgiveness seems like an elusive golden ticket to financial freedom.

For those that qualify, student loan forgiveness programs can be confusing and difficult to navigate.

What student loan forgiveness programs are available How do you apply Will you qualify Will your student loans really be forgiven

The good news is that there are multiple ways to have your student loans forgiven - partially or in full.

Here is what you need to know about student loan forgiveness:

1. Student Loan Forgiveness: The Status Quo

Today, the standard student loan repayment period is 10 years. However, the federal government created several income-driven repayment plans (including PAYE and REPAYE) to help make student loan payments more affordable for borrowers who cannot afford their monthly payment.

Under the Pay As You Earn (PAYE) and Revised Pay As You Earn (REPAYE) income-driven repayment plans, you pay 10% of your discretionary income each month toward your federal undergraduate student loans for 20 years, at which point any remaining balance on your federal undergraduate student loan is forgiven.

Under REPAYE, if you have graduate school student loan debt, the repayment period is 25 years before your remaining student loan debt is forgiven.

2. Student Loan Forgiveness: President Trump's Plan

On October 13, Trump proposed an income-based repayment plan that allows borrowers to cap their monthly student loan payments based on their income and then have their student loans forgiven after a certain period of time.

Under Trump’s plan, if you are a student loan borrower, your monthly student loan payments would be capped at 12.5% of your income. After 15 years of monthly payments, your remaining student loan debt would be forgiven.

While Trump’s proposal raises the monthly payment cap from 10% to 12.5% of income, his proposal forgives the remaining student loan balance five to 10 years sooner than the current income-driven repayment plans.

3. Public Service Loan Forgiveness

Through Public Service Loan Forgiveness, public servants can have 100% of their student loans forgiven after 120 eligible on-time monthly payments.

At this time, however, the future of Public Service Loan Forgiveness is uncertain. There are several possibilities regarding Public Service Loan Forgiveness, including, among others:

Although not guaranteed, if the current Public Service Loan Forgiveness changed or were eliminated, existing student loan borrowers likely would be grandfathered in, since they borrowed with the expectation of entering public service and qualifying for loan forgiveness.

4. Teacher Student Loan Forgiveness

Teacher Student Loan Forgiveness is for full-time teachers with five complete and consecutive years of teaching experience in a designated elementary or secondary school, or educational service agency, that serves students from low income families.

Teachers with federal Direct Loans or Stafford Loans are eligible to have up to $17,500 forgiven if they are highly-qualfied full-time math or science teacher in an eligible secondary school. Elementary or secondary school teachers who teach in an area related to their academic major are eligible to have up to $5,000 forgiven. Student loans that were originated prior to October 1, 1998 are not eligible.

5. Perkins Student Loan Cancellation

Public servants also can have up to 100% of their Perkins student loans cancelled.

Qualified public servants for Perkins student loan cancellation include, among others, members of the armed forces who served in a hostile fire or imminent pay danger area, firefighters, law enforcement and corrections officers, teachers, nurses, medical technicians, public defenders and VISTA or Peace Corps volunteers.

6. Student loan refinancing is a secret student loan forgiveness tool

What do student loan refinance and student loan forgiveness have in common

While the federal government forgives student loans, the federal government does not refinance them. Student loan refinancing is made possible through private financial lenders who can offer both fixed and variable interest rates below the current interest rates on your federal student loans.

Why Every borrower receives the same interest rate on a federal student loan - regardless of his or her credit profile. If you have a strong credit profile, effectively you are paying more for your student loans from the federal government based on your underlying credit risk as a borrower.

When you borrowed your student loans as a full-time student, you likely did not have the credit history or income to receive a low interest rate. Now that you have graduated and have work experience and a stable income, lenders are more willing to lower your interest rate.

Private lenders will underwrite you based on your personal credit profile, income, cash flow and other financial factors. If you have strong credit, stable income and sufficient cash flow to pay your debt, a private student lender can refinance your student loan at a lower interest rate.

For example, let's assume that you have $100,000 of student loan debt at a 6% interest rate. (Many student loan debt borrowers have student loan debt at even higher interest rates). Today, if you have a strong credit profile and sufficient income, you can refinance student loans with some lenders at 2.5% (or lower).

In this example, if you repay your student loans in 10 years, you could save over $20,000 from refinancing your student loans.

By refinancing your student loans, you wiped out a chunk of interest that you otherwise would have had to pay.

Consider these cost savings a form of "student loan forgiveness fafsa parent loan"

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