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The name “Obama Student Loan Forgiveness” has become the nickname for a program actually called the William D. Many people only know about the program, and have heard of it through others as the Obama Student Loan Forgiveness program.The name came about when President Obama reformed part of the Direct Loan program in 2010 by signing the Health Care and Education Reconciliation Act of 2010.Borrowers of new loans starting in 2014 will qualify to make payments based on 10% of their discretionary income.New borrowers would also be eligible for student loan forgiveness after 20 years instead of 25 on qualifying payments.You can have your federal student loans canceled for school-related reasons, such as your school closing, or in the event of disability or death. Department of Education will accept payment in the form of checks, money orders or credit or debit cards.Learn more » You could choose to pay the full amount of what you owe on your loan to get out of default. Learn more » On this page, we write exclusively about getting out of default on your Federal Direct and FFEL student loans.
Typically, consolidation is the best option of getting out of default quickly, as you’re able to move directly into an Income-Driven Repayment plan and can immediately start building credit towards Public Service Loan Forgiveness if you’re eligible.
If you would like to add other eligible loans, your servicer must receive your Request to Add Loans Form within 180 days from the date your Direct Consolidation Loan is completed (originated).
If you choose Nelnet to originate and service your Direct Consolidation Loan, you may request to add other eligible loans to it by completing the Request to Add Loans Form and send it to Nelnet via email Direct Loan [email protected], fax (402.858.3929), or mail to: Nelnet P.
Money will be used to fund poor and minority students and increase college funding So What Are The Benefits of The Obama Student Loan Forgiveness Program In this program, there are many benefits that a borrower can take advantage of.
The borrower has the ability to consolidate all their federal student loans into one new loan, and in that consolidated loan the borrower is able to choose a repayment plan that is affordable.