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Student Loan Forgiveness

What is Student Loan Forgiveness?

Loan forgiveness is a method of having all or a fraction of your debts shed, and thus forgiveness. Hence, student loan forgiveness is a process of shedding a portion of your outstanding education loans. Under certain circumstances, the federal government will cancel either all or a fraction of an educational loan by entering certain fields or opting for predetermined careers such as:
• Government
• Public Education
• Military
• Law
• Non-Profit
• Healthcare
• Veterinary Medicine
• Law Enforcement
• Volunteering

Qualifying for the Public Service Loan Forgiveness Program (PSLF)

The Public Service Loan Forgiveness Program was created to encourage people to plunge into full-time public service-related careers in exchange of eliminating a certain portion of their student payment amount.
Below are the steps for you to Qualify for PSLF:
• You must be in six repayment plans in the Direct Loan Repayment Plan Program (DLRPP) and a certified employee at any government agency, be it state, federal, local, tribal, or nonprofit 501(c)(3) organization.
• You must hit at least 120 on-time student loan payments during that time that are within 15 days of the due date. Payments done after Oct. 7, 2007 are considered suitable.
• You must be a certified employee at any qualifying public service organization (or any non-profit organization that is not under any tax-exempt bracket) at the time you make each of the 120 qualifying payments.
• You must be always paying on time 120 times, regularly. Upon which, you become automatically qualified for loan balance elimination. However, your application will be under development and will be available prior to the date when the first borrowers will be eligible for forgiveness in October 2017.

Plan your Forgiveness Loans

It is always beneficial for you if you would not take things hastily. Assist America is more than willing to help you out in your planning, as this is where your proper debt handling begins. It is also of high importance in student loan forgiveness that you gain complete awareness of the amount of debt you have and it may still be counted as taxable income. Assist America will help you scrutinize each program you’d like to participate in, to makes sure of which program won’t harm your credit ratings as well as your future monetary savings.

Other Debt Relief Options

Failure to qualify does not mean that it’s the end for you, there are other debt relief options that may fit you. You can do this through: loan consolidation to make repayment easier; debt settlement to alleviate your debt predicament; or file for bankruptcy.

Disability Eligibility May Eliminate Loans

Students unable to work because of total and permanent disability may qualify to have the entirety of their loans forgiven.
Under the federal law, a student who is incapable of working due to permanent disability may be exempted of repaying its debts and thus be automatically qualified for loan forgiveness.
Disability, under Department of Education definition, means a mental or physical illness or injury that is in uninterrupted, continuous existence for five, straight years. Any illness that is considered by medical experts fatal or may result to death also falls under this definition. However, all illnesses must be guaranteed real by a corresponding licensed medical practitioner.
A licensed medical practitioner must confirm the impairment through a complete DOE. Complete DOE means it has to have a completed discharge application, including a detailed explanation of your condition and which aspect/s makes the patient incapable of doing or continuing any kind of work.
Meeting these federal requirements will grant the student borrower a discharge of all his/her outstanding federal loans, including Federal Family Education Loans (FFEL), Direct and Perkins loans.
Disability discharge does not cover those who are under private student loans.

Three-year Monitoring Period

After the approval, the student borrower will be monitored by the state in the aim of determining if all criteria and guidelines are consistently being met and followed. This monitoring will last three years and will start the day the approval is being granted.

Failing to meet at least one criterion may:

• Disqualify the borrower;
• Stop receive any new loans;
Want to know more about how you can avail of the services of Assisting America? Get in touch with one of our advisors today!

Get in touch

Phone: 888-891-5889
Fax: 888-794-7475
Email: info@AssistingAmerica.org

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Office Address:
18071 Fitch Suite 220 Irvine, CA 92614


AssistingAmerica.org (AA) is a private organization and is not a government entity. AA is a Document Preparation, Submission and Tracking Service. AA will not pay your student loans for you or on your behalf. We offer our service only for the Preparation, Submission & Tracking of Federal Student Loan Consolidation Documents. Document Preparation Services are not available for residents of the following states, IL, CT, GA, KS, NY, WI, WA. *Results May Vary and are Solely Based on The Federal Consolidation Program You Choose. Not available in all States.