What is Student Loan Forgiveness?
We are a student loan servicer with years of experience helping students throughout their loan process, providing all the necessary information about every student loan available, repayment plans, when to start paying, and what to do if they have missed any payments. We are here to answer any questions you may have.
How do I qualify for a student loan forgiveness program?
Student loan forgiveness is a process for borrowers in the public service sector who have a low income. It's an alternative to the standard repayment plans available to borrowers.
Some of the criteria for student loan forgiveness include:
- you must be employed in public service
- your income must be below a certain amount
- you must have made 120 payments on your loans
Can I change my repayment plan?
Yes. You can either explore the different options we offer or contact us to find out if you are eligible for a reduced payment.
What is the difference between Federal Student Loans and Private Loans?
Federal loans as implied in their name, are granted by the federal government. They include Subsidized and Unsubsidized. Federal loans come with flexible payment options to allow students from different backgrounds the opportunity to receive higher education.
Private loans are similar to bank loans, and the interest rate depends on the borrower's credit history.
When exactly do I need to start paying my loan?
This depends on the type of loan you took. Contact Student Loan Forgiveness, and we will give you all the information you need to know about your student loan.
What do Deferment and Forbearance mean?
Deferments and Forbearances are pauses you can make from your student loan monthly payments, but it is best to contact us and let us know your situation so we can recommend the best option for you.
Is there a way to get ahead on my payments?
If you find yourself with some extra money and are thinking about lessening your student loan debt by even a little, you can make payments before your due date or even add some money to your monthly payments.
What happens to my student loan if I die?
If you die before you finish paying off your federal student loan, the government will forgive the balance of your debt after the corresponding proof of death has been submitted.
What is the difference between forgiveness, cancellation, and discharge?
The terms forgiveness, cancellation, and discharge are almost equivalent, but they are used in various contexts. It is often referred to as loan forgiveness or cancellation if you are no longer obligated to make loan payments as a result of your employment. Discharge is the term used when you are no longer obligated to make loan payments because of another event, such as a total and permanent incapacity or the closure of the institution from whom you borrowed the money.