Consolidate Federal Student Loans

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Forgiveness in Federal Loans likely to grow into
a Big Socio-Economic Push
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The Obama administration is leaving no stone
unturned to upgrade the way Federal loan segment
is handled in USA. It recently announced a series
of amendments in the Direct Loan Program. The
Obama Debt forgiveness program is already a
raging success. The new announcements are
executive decisions that have been proposed to
boost the volume of people engaged in productive
public service.
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Goodbyes to third Party Collectors
The new student loan forgiveness program is being
projected as a pillar of support to both
education as well as economy. The objective of
the forgiveness program is to make the Federal
student loans more affordable and easier to
manage. In all likelihood, all the intermediary
non-federal agencies and third party agencies
will be pushed out of the debt collection
channels. The Pay as you Earn proposal will be
available to more than 1.2 millions student
borrowers and open new opportunities to them if
they wish to consolidate Federal Student Loans
more efficiently.
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The effect already took shape in 2014 and the
statistics now suggest that the new income groups
will profit from the scheme from 2017. As of now,
only borrowers of federal loan schemes registered
between October 2007 and October 2011 are covered
under the student loan forgiveness program with
Pay as You Earn scheme.
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Watch Out for 2017
The cap for the Pay as You Earn scheme for
student borrowers has been set at 10 . The
balance debt can be repaid in 20 years from the
day of loan application. The only criterion for
forgiveness is to pay the monthly interest
sincerely for 20 years without fail. By 2017, the
changes will attract close to 6 million
borrowers. The new federal loan borrowers can
effectively consolidate Federal student loans and
slash the existing interest rates by significant
amount.
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Limitations are just a Pass
There are few specific limitations as well when
it comes to avail the benefits of student loan
forgiveness program. The loan statement does not
suggest any thing about whether the student can
pursue education abroad. As per the current
norms, only American students can apply for
Federal Student Loans and not international
students. In future, the forgiveness scheme is
likely to be uniformly applied throughout
education segment covering K-12 students as well.
There could be some respite for international
students who wish to serve in the country as its
patriots.
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New Job Opportunities and Socio-Economic Boost
The most important aspect of the Student Loan
forgiveness program is its effect on the public
service opportunities. To avail forgiveness
within 10 years of loan debt interest repayment,
more students are enrolling with public service.
Engineers are ready to work with civil
infrastructure and Smart City Development plans.
Suddenly, there are more educated officials
working at public offices. This directly has a
significant impact on the quality of federal
services enjoyed by the citizens.
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With flagging job market and infrastructure in
the country, the student loan forgiveness program
is definitely a good debt management scheme.
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Contact US
Student Debt Center Address - 18459
Pines Boulevard, Suite 532, Pembroke Pines,
FL 33029 Contact No. - 800-551-7187
Email Address - info_at_studentdebtcenter.org
Website - http//studentdebtcenter.
org/