Most people with college loan debt are extremely well-off, but it is not clear whether they will benefit from a program offering college loan forgiveness. Only one in three working-age adults holds a college degree, and those who do have a college degree earn more than those without a degree. So college loan forgiveness is a government handout to people with high incomes who may not otherwise qualify for the benefit. There is more to college loan forgiveness than just reducing the amount of money that you owe.
The Following Tips Will Help You Apply For College Loan Debt Forgiveness
There are some downsides to applying for college loan debt forgiveness. It is essential that you carefully research each program before applying, as some programs can result in negative consequences. If you follow all guidelines in the application process, you should have a very good chance of being granted forgiveness. Ultimately, you will be able to pay off your college loans without facing a lot of financial hardship. However, you should understand that applying for college loan forgiveness is not as difficult as it may seem. The following tips will help you apply for college loan debt forgiveness.
For those who do qualify for college loan forgiveness, the government offers several plans. The most generous repayment plan is the REPAYE plan. Previously, this plan was only available to people with low income and who had taken out loans after 2007, but Obama has widened its eligibility to include all students with direct federal loans who have not defaulted on their loans. However, borrowers must know the eligibility requirements to qualify for college loan forgiveness. The Federal Student Aid Office provides summary charts and cancellation forms for applicants.