the amount of outstanding debt from student loans is now over $1.5 trillion. And while student debt may seem like a fact of life for new college graduates, it actually follows a lot of borrowers for decades after school. It’s estimated that 1.8 million borrowers over the age of 62 are still paying off student loans.
Repaying student loans can be difficult, but if you volunteer, teach, or work in public service or the nonprofit sector, you might qualify to have part of your federal loan debt forgiven. You may not want to base your career on whether you'll qualify for loan forgiveness, but if you're already considering these fields, loan forgiveness.
If challenging times are making it difficult to pay your student loans, you are not alone. Whether you are worried about making payments, or you have already missed a few, Education Advisory Group has Student Loan Specialists who can help you explore your options.
Student Loan Forgiveness
Every consolidation that we process will be under the William D. Ford Federal Direct Program. This program has loan forgiveness built in to the end of your payment terms. When you have made your payments for the allotted time, any unpaid balance will be forgiven by the Department of Education. There are many different repayment options associated with the William D. Ford Federal Direct Program.
Standard Repayment Plan
Income-Based Repayment Plan
Contingent Repayment Plan
Pay As You Earn Repayment Plan
In order to receive loan forgiveness, you must be enrolled in a qualifying repayment plan:
If you make 120 qualifying payments while working full-time in certain public service positions, the remaining balance on your Direct Loans may be forgiven. FFEL Loans or Perkins Loans will not qualify for Public Service Loan Forgiveness.
If you consolidate your FFEL or Perkins loans into a Direct Consolidation Loan, those loans could then become eligible for forgiveness. Just remember, any payments you made on your loans before they were consolidated will not count towards loan forgiveness. And anytime you consolidate a loan you could lose any benefits attached to that original loan, so be sure to evaluate your loan terms before deciding to consolidate.
Speak with live person and discover the many repayment options for your Federal Student Loans.
Learn about all the benefits of each program and which one is best for you and your family.
We help you prepare all of your documentation and facilitate a timely submission to the Department of Education.
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EDUCATION ADVISORY GROUP “EAG” is a for-profit business that for a fee assists in compiling, preparing and processing paperwork for people seeking consolidation, restructuring and/or forgiveness of their federal student loans through the U.S. Department of Education’s (“DOE”) programs. · EAG is not affiliated with and has no special relationship with the DOE or any other academic or governmental entity. · This site and is not affiliated with or endorsed by the DOE, and the content or any information posted on this site is not endorsed by and does not reflect the views of the DOE. · You can apply for loan consolidation or alternative repayment programs on your own without paid assistance through the DOE at Studentloans.gov. EAG is not a loan servicer and does not renegotiate, settle, or in any way alter the terms of any payment or debt.