If you have heard of student loan forgiveness but don’t quite understand what it is, you will want to read this. We are going to discuss the most frequently asked questions about student loan forgiveness. When you are done reading, you should have a good idea how student loan forgiveness works and if it is a good choice for you.
What is Student Loan Forgiveness?
Loan forgiveness began in October of 2007 with the passage of the College Cost Reduction and Access Act. It allows for the remaining balance of student loans to be forgiven after 120 payments are made on time provided certain conditions are met.
Are all student loans eligible for forgiveness?
No! Only loans that are under the Direct Loan Program qualify. If your loan was not made under the direct loan program, you will need to consolidate your existing loans into the program. Continue reading ‘Understanding Student Loan Forgiveness’ »