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Like I mentioned earlier, these programs let you wipe out your student loan debt in an instant, but the downside to Discharge programs is that they’re much more difficult to qualify for because of restrictive eligibility conditions.
The benefits of hiring a Student Loan Debt Relief Agency are that they can save you time, money, and stress by making sure that you’re aware of all the opportunities available for reducing or eliminating your debt, and by protecting you from making any mistakes with your applications to available debt forgiveness and discharge programs.
Part of the Obama Loan Forgiveness Program, Pay As You Earn is one of the best income-based Federal Student Loan Repayment Plans available this year, and it’s only downside is that it’s only available to people who took out loans on or after October 1st, 2007.
It works the same way as Obama Loan Forgiveness, in that it sets your monthly student loan payments to an amount based on your annual income (the more you make, the more you have to pay), but it offers complete Federal student loan forgiveness benefits after you’ve made a certain number of payments: 240 payments, or 20 years worth of payments.
Keep in mind that while it’s way easier to get rid of Federal loans (because there are so many more programs for them), it’s no longer impossible to qualify for excellent Private Student Loan Forgiveness benefits too, because there are definitely some great options out there now!
Please read through the Forgiveness and Discharge Programs listed below, see what you think you may qualify for, then click the links to go to other pages of my site where I explain each program in extreme detail.
All of the programs above are excellent opportunities for getting rid of your loans, but remember that most of them are going to require many years of payments before you can get rid of your debt (except some of the Healthcare and Nursing programs, which are super accelerated).