Student Loan forgiveness-Alum Financial
Student Loan Forgiveness
Every consolidation that we process will be under the William D. Ford Federal Direct Program, also known as the Obama Student Loan Forgiveness program. This program has loan forgiveness built
Teacher Loan Forgiveness
The Teacher Loan Forgiveness program is the most beneficial to teachers, as it allows for early forgiveness as well as the principle reduction. Teachers might be eligible for $5,000 to $17,500 in principle reduction under certain circumstances. The main reason for the principle reduction, is to get people to go into the field of teaching, as well as to stay in the teaching field. Teachers qualify for complete loan forgiveness after 10 years of payments and service as a teacher. For more information please Contact Us.
Total and Permanent Disability Discharge
If you are unable to work because of a physical or mental impairment, you might qualify for a discharge of your Federal Student Loan balance. For more information please Contact Us.
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.
In order to receive loan forgiveness, you must be enrolled in a qualifying repayment plan:
- Standard Repayment Plan
- Income-Based Repayment Plan
- Income-Contingent Repayment Plan
- Pay As You Earn Repayment Plan
- Any repayment plan where your monthly payment is equal to or greater than what your payment would be under the Standard Repayment Plan