Student Loan Forgiveness Program (2)

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Top 6 FAQs related to Obama Student Loan
Forgiveness Program
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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.
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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.
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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.
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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 loans O Earn
rightful extension from lenders in case of
serious economic crunch
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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
afterwards O You have not defaulted the student
loan O Your loans are exclusively Federal, and
not private loans
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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.
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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.
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Contact Us
Student Debt Center Name - Cesar
Buitrago Address - 18459 Pines Boulevard,
Suite 532, Pembroke Pines, FL
33029 Contact No. - 800-551-7187 Email -
info_at_studentdebtcenter.org Website -
http//studentdebtcenter.org/