Following President Biden’s request Wednesday, the education department has placed pauses on millions of borrowers student loans.
“Many Americans have struggled to pay for basic necessities and to provide for their families,” the Education Department said in a statement.”The extension of the payment pauses provides much needed relief to borrowers during the pandemic in the short-term, but a perfect opportunity to explore the available forgiveness programs currently offered as well.”
If you have a student loan, there is a good chance that you maybe able to qualify for loan forgiveness under the current program guidelines.
Here’s what you need to know and the action you can take.
Forgiveness: What Are My Options?
The student loan forgiveness program allows eligible borrowers to repay loans under a set of income driven forgiveness guidelines while allowing borrowers with certain eligibility criteria met to have some or up to as much as 90% of their loans forgiven.
There are several measures currently available for lowering or eliminating student loan debt for borrowers, including:
- Income Driven Forgiveness Plans
- Disability Discharge
- Public Service Loan Forgiveness
- School Closure Discharge
The administration also has also laid out plans that allow public service and non-profit sector employees achieve forgiveness under a reduced set of requirements.
What Action Can You Take?
Consumers can check their eligibility for free through the certified enrollment center and see if they qualify for Settlements, Income-Driven Forgiveness and even discharge completely if they qualify. “The biggest obstacle to these programs is the lack of awareness most borrowers have about them, and how to qualify.” Said Sherry Marks, a counselor for graduates advocacy group.
To qualify call (844) 653-1500, Monday through Friday 7am – 6pm PST, and speak to a certified enrollment specialist about checking your right for eligibility. Alternatively, you can submit your information here: https://graduatesreliefprogram.com to get the process started.
What Consumers are Saying
Whitney, a recent graduate of UOM, explains her personal struggle with student debt. She graduated this last year in 2020, having borrowed over $43,000 in student loans. Her experience has detailed the overwhelming burden of being trapped under excruciating debt.
“Graduating during a pandemic couldn’t have been anything but the absolute worst thing that I could have ever thought would happen to me. As a Media Arts major I knew the job market would already be challenging and I was struggling to make ends meet as it is working part-time as a server having been cut hours and then eventually, laid off. I wish I would have known more about the options that were available to me, but my loan servicer never bothered to make any attempt to keep me informed. When I finally was able to contact a representative at the enrollment center I was relieved and little upset that I hadn’t known sooner that I was actually eligible for the forgiveness program.”
What Are The Next Steps?
If you feel like you are trapped under the weight of student loans, you’re not alone. Millions of borrowers have been burdened by crippling debt. At the end of 2020 over 45 million Americans owed a combined total of $1.6 trillion in student loans.
Fortunately, there is help available for those who have been affected. Here are the steps you can take to check your eligibility:
- Call the Certified Enrollment Center at (844) 653-1500, and ask to check your eligibility for forgiveness under new guidelines, Monday – Friday 7:30 am – 4 pm PST.
- Get your Free evaluation and see what all your options are.
- Get your loans forgiven, settled, discharged or drastically reduced by as much as 90%.
What is Student Loan Forgiveness?
Loan forgiveness is the cancellation of all or some portion of your federal student loan balance. Yes, that’s right—cancellation of your loan balance. If your loan is forgiven, you are no longer required to repay that loan
Borrowers may contact the Certified Enrollment Center to get information on individual borrower eligibility.
Certified Enrollment Center
Phone: (844) 653-1500
Monday – Friday | 7:30 am to 4 pm PST