Loan Forgiveness

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Loan Forgiveness

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ALEIRE LOAN FORGIVENESS

Most people are unaware that there are any programs available that can help eliminate some or even all of your student loan debt. This is offered up in return for selecting a certain career path, military service, and even volunteer work. Most college graduates are not informed of their options and due to lack of knowledge they fail to apply.

There are multiple programs available that you may qualify for. Aleire Financial can help to explain these programs to you, giving you a detailed outline of your options. Our certified counselors would help process and submit the paperwork for you. Below are examples of the different loan forgiveness programs.

Obama Student Loan Forgiveness

The "Obama Student Loan Forgiveness" program is eligible to all those that have consolidated into the William D. Ford Federal Direct program. This loan forgiveness is avaiable to all those who enroll and those who complete the minimum payment term. At the end of your consolidated loans term, any unpaid balance will be forgiven by the Department of Education. There are a variety of repayment options in the Obama Student Loan consolidation program, and provisions which allow for early forgiveness or principal reduction on your consolidated loan.

Teacher Loan Forgiveness

Teachers are eligible for both early forgivness and an over-all principle reduction, making this particular type of loan forgiviness type, one of the most advantageous of all of the existing forgiveness plans available today. Qualified teachers can receive anywhere from $5,000 to $17,500 in principal reduction on their loans under certain conditions. This idea was initiated to encourage young graduates to enter into a career of teaching. Teachers also qualify for complete loan forgiveness after 10 years of repaying their loans.

Public Service Student Loan Forgiveness Program

The College Cost Reduction and Access Act of 2007 provided loan forgiveness to individuals that would continue employment full-time in public service positions. Under this program, borrowers have the ability to qualify for forgiveness of the remaining balance due on their eligible federal student loans.

Total and Permanent Disability Discharge

A student loan borrower may qualify for Total and Permanent Disability Discharge of their Federal Student Loans if they are unable to engage in any substantial employment activity because of a physical or mental impairment.

This forgiveness is extended to the borrower after making 120 payments on those loans under certain repayment plans, while employed full time with certain public service employers. Seeing that it is mandatory that borrowers must make 120 monthly payments on their first eligible federal student loans beginning after October 1, 2007 before they qualify for the loan forgiveness; the first cancellation of loan balances are due to take place in October of 2017.

Eligible Loans

  • Subsidized and Unsubsidized Federal Direct Stafford Loans
  • Federal Direct PLUS loans
  • Federal Direct student consolidation loans

If you have a Federal Family Education Loan (FFEL) or a Federal Perkins loan, you may only be eligible through student loan consolidation into a Federal Direct Consolidation loan.

Employee Requirement

A public service employee must maintain a full-time employment status for 10 years, making at least 120 monthly payments before their loan qualifies to be forgiven under this program.

Types of jobs qualifying for loan forgiveness

  • A federal, state, local, or tribal government organization, agency, or entity (including most public schools, colleges, and universities)
  • A public or family service agency
  • A non-profit organization under section 501(C)(3) of the Internal Revenue Code that is exempt from taxation under 501(a) of the Internal Revenue Code (includes most non-profit private schools, colleges, and universities); A Tribal college or university; or an organization that is not for-profit business, a labor union, a partisan political organization, or an organization engaged in religious activities.
  • Emergency Management
  • Military
  • Law Enforcement
  • Public interest law services
  • Early Childhood Education (including licensed or regulated health care, Head Start, and state-funded pre-kindergarten)
  • Public Service for individuals with disabilities and the elderly
  • Public health (including nurses, nurse practitioners, nurses in a clinical setting, and full-time professionals engaged in health care practitioner occupations and health care support occupations)
  • Public Education
  • Public Library services; and School library or other school based services.

Perkins Loan Forgiveness

The Perkins Loan forgiveness is a federally funded program designed to provide lower interest rate loans to help disadvantaged students pay for college. Once the student has completed college, this program will provide student loan debt relief if the student, in exchange, provides services that meet certain program criteria. The exact loan amount forgiven is determined by the profession.

Stafford Loan Forgiveness for Teachers

Teacher’s who work in low-income areas and who work with special needs children would have this program available to them. To qualify, the student must complete five consecutive years in a qualified school system and the program can forgive up to $17,500 of student loan debt. Students are only eligible to use this student loan forgiveness program for loans disbursed before the end of the five-year period, and only if the student has not previously received a grant for the AmeriCorps program.

Student Loan Forgiveness for Military Personnel

This student loan forgiveness program is only available to first time recruits (active and reserves) who have completed their college education before enlisting in the military. In order for a recruit to qualify for this program, they must have a high school diploma and pass the military’s entrance requirements. This includes passing the Armed Services Vocational Aptitude Battery Test with a minimum score of 50.

Another stipulation for this program is that the enlisted military personnel cannot receive the loan forgiveness program at the same time as the Montgomery GI Bill. In order to receive the loan forgiveness, the serviceman must deny the GI Bill in writing and guarantee the loan repayment program in the enlistment contract. After every year of qualified service, the forgiveness program will send the greater amount of $1500 or 33 1/3 of the loan principle directly to the lender. In the same year that the payment is sent by the program, the serviceman must also pay the interest and taxes on the loan payment for that year. As with every forgiveness plan, those who have a defaulted loan cannot participate in the Stafford forgiveness plan until the loan is brought to a satisfactory standing.

Private Student Loan Forgiveness Program

Unlike federal student loans, private student loans do not have the backing of the government. Private loans may have been sought through a financial or banking institution(s) when the student’s federal financial aid was not enough. The downside to private loans is that there are restricted repayment options available to the student and payments are generally higher. As a result, resources that may allow a private student loan forgiveness program are limited. See if our Debt resolution program may be an option for you!

If you would like more information on how to get started, or if you would like to speak with a company representative about your personal situation, Call 1855.4.ALEIRE today for a free evaluation, or click below to get started.

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Questions/Answers Frequently Asked Questions About Loan Forgiveness

Question

Who qualifies for Loan Forgiveness?

Answer

The College Cost Reduction and Access Act of 2007 extend the Loan forgiveness program to all students that have federal loans. Special priveledges are extended to those that are public service employees or have perminant disabilities. Congress created the public service extension to encourage individuals to continue working full time public service jobs.

Question

What Loans are considered eligible for loan forgiveness?

Answer

Only subsidized and unsubsidized Federal Direct Stafford loans, Federal Direct PLUS loans, and Federal Direct student consolidation loans are eligible for this forgiveness program. If you have a Federal Family Education Loan (FFEL) or a Federal Perkins loan, you may only be eligible though student loan consolidation into a Federal Direct Consolidation loan.

Question

What are the employee requirements under this program?

Answer

There are no employment rstrictions for general loan forgiviness, but to be eligible for extended privaleges that would shorten the term of payments before issuing forgiveness, a public service employees must retain full-time status for 10 years and make at least 120 monthly payments before their loan may be forgiven under this program.

Question

What types of Public service jobs qualify for extended privedges under their loan forgiveness?

Answer

All students with federal loans, are eligible for loan forgiveness however special extended privedges are granted to some of the following employee types:

  • A federal, state, local, or tribal government organization, agency, or entity (includes most public schools, colleges and universities)
  • A public or family service agency
  • A non-profit organization under section 501(C)(3) of the Internal revenue Code that is exempt from taxation under 501(a) of the Internal Revenue Code (includes most non-profit private schools, colleges, and universities); A Tribal college university; or an organization that is not a for-profit business, a labor union, a partisan political organization, or an organization engaged in religious activities
  • Emergency Management
  • Military
  • Law Enforcement
  • Public interest law services
  • Early Childhood Education (including licensed or regulated health care, Head Start, and state-funded pre-kindergarten)
  • Public Service for individuals with disabilities and the elderly
  • Public health (including nurses, nurse practitioners, nurses in a clinical setting, and full-time professionals engaged in health care practitioner occupations and health care support occupations)
  • Public Education
  • Public library services; and School library or other school based services.

If you would like more information on how to get started, or if you would like to speak with a company representative about your personal situation, Call 1855.4.ALEIRE today for a free evaluation, or click below to get started.

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