Student Loan Forgiveness Program Gets $350M Boost To Aid Struggling Borrowers

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Thousands of U.S. student loan borrowers will soon benefit from a $350 million dollar expansion of a federal program that could forgive their remaining debt.

An agreement in the $3.1 trillion federal spending bill signed Friday by President Trump includes a much needed reprieve for borrowers who feared they’d missed the chance to get out from under often-crippling student loan debt that makes it hard to buy a home, start a family, or pay day-to-day bills.

“I’m really glad that, for the first time, we are able to help struggling borrowers unfairly trapped under a mountain of debt,” said Sen. Elizabeth Warren, D-Mass., who fought for the reprieve. “Borrowers can check their eligibility for free by calling the Certified Enrollment Center at (855) 888-9848. Since we have a limited amount of resources we are taking applications in the order they are received. It’s urgent that borrowers check their eligibility to enroll as quickly as possible.”

The Program

The loan forgiveness program was designed to help student loan borrowers get their remaining debt forgiven or completely discharged if they qualified by meeting the minimum requirements. Borrowers must meet the minimum debt requirements to apply.

The program is limited to borrowers who took out loans from the federal government. Private loans and non-direct government loans can qualify under specific programs.

“As a teacher working for the public school system I was really taken back when I couldn’t get the help I needed to deal with almost $400,000 in student loan debt and the unrealistic expectation of a $3,500 monthly payment. My debt ratio was so high no lender would even consider touching me for a mortgage, and I knew I would never be able to make a house payment let alone my car payment straddled with these payments. When I heard that they were reviving help for public workers, it felt like a weight had been lifted. I called the Certified Enrollment Center and within a few minutes manged to get qualified for the loan forgiveness program. My payments went down to $673 a month and I found out that I qualified for over $200,000 in forgiveness. I feel lucky that I could take advantage of this incredible program, and I hope others will too.”

It’s a Problem

Millions of student loan borrowers took out billions to pay for their studies. Hundreds of thousands are believed to have been mislead by loan servicers such as Navient corp., who is currently under scrutiny and investigation in 4 major federal lawsuits, forcing borrowers in to unnecessary forbearance and deferments instead of presenting options to borrowers that would ultimately alleviate high payments and grant forgiveness in many cases.

“I have been paying for 4 years and was misled by this company completely,” the report quoted one borrower as complaining. “Now I have my loans in the right program, and have ONE payment toward my 10 years.”

The Solution

The budget deal includes $350 million “to remain until expended” on a first-come, first-serve basis to help student loan borrowers who are eligible for debt forgiveness.

The Department of Education is giving borrowers a second chance at forgiveness and if eligible, thousands of borrowers can benefit from this windfall and ultimately see a brighter financial future just ahead.

The compromise also earmarks $2.3 million for outreach efforts to borrowers who would have qualified for loan forgiveness but mistakenly chose or were misled into incorrect options by loan servicers. By calling the Certified Enrollment Center at (855) 888-9848 borrowers can check their eligibility and know instantly if they qualify for loan forgiveness under this new act. No time to talk to a specialist? Start the process here: https://borrowersreliefprogram.com

Student loan borrowers may contact the Helpline to get information on Individual borrower eligibility.

Certified Enrollment Center
Direct Line: (855) 888-9848                                                                                      Monday – Friday | 7am – 6pm PST


THIS IS AN ADVERTISEMENT AND NOT AN ACTUAL NEWS ARTICLE, BLOG, OR CONSUMER PROTECTION UPDATE

This website / blog is not affiliated with the Department of Education, Navient, Sallie Mae or any other student loan servicer.

By calling you will be connected to partners in our network. Each partner will provide a proposal for services & may charge a fee for their service. Consumers may perform these services for themselves, many or all of which may be without charge. Our partners do not guarantee that your student loan payments or amount owed will be reduced. Obtaining lower payments or loan forgiveness is based on several factors including approval from the Department of Education.

Source: https://www.usatoday.com/story/money/2018/03/23/student-loan-forgiveness-program-gets-350-m-one-shot-boost-aid-struggling-borrowers/453637002/

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