Consolidating default student loans
I’ll do my best to respond to all comments within 24 hours. You are one of the lucky ones, the people who borrowed their college money from the Federal Government, and you have access to the greatest, most helpful debt relief programs ever offered.The Federal Government is taking the student loan debt epidemic seriously, and currently offers a wide variety of effective financial assistance programs, including Federal Student Loan Forgiveness Programs, Consolidation Programs, Deferment Programs, Forbearance Programs, and a variety of Repayment Plans.Most of these are only available to enlisted personnel (though there are some programs for Officers as well), and the majority of them are also only made available to those who are either joining the service for the first time, or while they’re joining the Reserves.Military Student Loan Forgiveness benefits were created to incentivize more highly qualified individuals to enlist in the Armed Forces, and they may not be available for much longer since our need for Active Duty and Reserves personnel is dropping due to our withdrawals from both Iraq and Afghanistan.Navy Student Loan Forgiveness Program offers benefits on par with the Army’s program, providing up to ,000 in student loan debt relief for those enlistees who qualify for the program.The Air Force College Loan Repayment Program The National Guard Student Loan Forgiveness Program provides up to ,000 in total debt relief assistance, but it also requires an extremely long service commitment (compared to other branches), with benefits only offered to those enlistees who agree to serve for at least six years.The good news is that if you do qualify for PSLF benefits, you can start taking advantage of them now!
Here’s a quick breakdown of the CLRP benefits for each branch of the United States Armed Forces: The Army College Loan Repayment Program The Army Student Loan Forgiveness Program is one of the most powerful offered by any branch of the military, with up to ,000 of total debt relief available to those eligible to participate in the program.The most important tenet of the program includes setting the maximum monthly loan payment to just 10% discretionary income, allowing those who qualify to find their financial footing by defer portions of their student loan debt payments to a later date.The Obama student loan forgiveness program also offers total deft forgiveness for all Federally-funded student loans at the 20 year mark, which is a 5 year reduction from the previous forgiveness date, and a welcome relief to those individuals who are being crushed by overwhelming levels of student loan debt.The Marines College Loan Repayment Program The Marines are certainly the outlier here, and although it seems like a Marine Student Loan Forgiveness Program would be a no-brainer, this service branch does not currently offer college loan repayment benefits to enlistees.
The Coast Guard College Loan Repayment Program The Coast Guard student loan forgiveness program is actually one of the best available in terms of bang for your buck, offering up to ,000 of loan relief for just 3 years of service.The Public Service Loan Forgiveness Program offers total student loan forgiveness after making just ten years of qualifying payments on your debt, no matter how much is left, making it one of the best debt relief programs currently available.