All consolidations EduLoan Pros prepares documents for are under the William D. Ford Federal Direct Program, which is known to some as the Obama Student Loan Forgiveness program. The program offers loan forgiveness to the end of your payment terms. Upon making your payments for allotted time, all unpaid balance will be forgiven by US Department of Education. There are a few different repayment options via the The Forgiveness Ace program. There may be some situations by which your student loan can be paid off early, or principle can be reduced. Call EduLoan Pros today to see if you qualify!
Teacher Loan Forgiveness
Teacher Loan Forgiveness allows for early forgiveness as well as loan principal reduction. Teachers may be eligible for $5,000 or up to $17,500 of principle forgiveness in certain circumstances. The reason for principle reduction, is to help develop more interest in teaching, and also to retain teacher in the teaching field. To qualify teachers must be employed by an eligible organization for a minimum of 5 years.
Public Service Loan Forgiveness
Those who work full-time in the public sector or non-profit organization may be eligible for public service loan forgiveness. The PSLF program is the most beneficial program for borrowers who qualify. To qualify one must work an average of 30 hours per week for an organization in the public sector or a not for profit. This program allows for an uncapped amount of forgiveness. Often times a qualifying borrower can receive a $0 payment for the 120 month term. Their balance on all Federal Student Loans will be completely forgiven after having made 120 payments income driven eligible payments.
Total & Permanent Disability Discharge
If someone is unable to work due to a physical or mental impairment, he may qualify for discharge of Federal Student Loan balances.
For more information, please call EduLoan Pros.