“The weak can never forgive. Forgiveness is the attribute of the strong.” -Mahatma Gandhi
We humans make mistakes - as a matter of fact, some even say we're prone to err. Debt is no exception to this rule and student loan debt even more so. It's completely understandable for a person to rack up tens of thousands of dollars in student loans in an attempt to better themselves, acquire knowledge and set down a career focused path. Who could've known that so many for profit colleges would use predatory lending practices to lure hopeful students into taking out loans to pay for a tuition with the promise of a job in that field? Thankfully, our dutiful government stepped in to save the day. A day late and a dollar short, but they still managed to impose proper regulations and enact student loan forgiveness programs for victims of the cash driven education system. We're here to help guide you towards forgiveness.
What is Student Loan Forgiveness, After all?
There always seems to be an air of mystery that clings to the phrase, "Student Loan Forgiveness". Perhaps this is because that's just a nickname? Maybe it's because of the less-than-reputable companies that took advantage of the general lack of knowledge when forgiveness first emerged to swindle money from innocent borrowers. Whatever the cause for the uncertainty, there's absolutely no need for it. Back in the Clinton era, an Act called the William D. Ford Act passed and with it came loan terms that were a bit more friendly to lower income people. Fast forward to the present day and see that the Act has evolved into several income based, driven and contingent repayment programs. These are known as the Student Loan Forgiveness programs.
Why Is It Called Student Loan Forgiveness?
The "forgiveness" portion of the term stems from two places: First, many people who put there loans into a forgiveness plan end up qualifying for a monthly repayment amount of $0. Sounds odd, but your lender actually goes through the process of charging you for the amount of $0 each month. Fun Fact: those payments are counted as paid in full and on time each month, which will have a positive impact on your credit. This happens every month for 12 months, then it's time to simply resubmit your financial information to your lender. Once your loan term is up, we get to reason number two of why its called Student Loan Forgiveness: The government pays off the remaining balance of your student loans. Interest & Capital. If you qualify for $0/mo the entire time, your entire loan gets forgiven. Neat, huh?
Other Forms of Forgiveness
Forgiveness has become somewhat of a blanket term for getting rid of student loan debt by any means possible. Among the top of the list are Public Service Loan Forgiveness routes, various discharge programs, borrowers defense to repayment and disability forgiveness. Most student loan forgiveness possibilities require specific qualifications, making the traditional programs the best bet. It doesn't hurt to check your options, though.
What Do We Do?
First and most importantly, we provide information and insight into not just student loan forgiveness, but student loan repayment in general. Federal student loans are a confusing subject, even for government programs. What we do is try to simplify it and streamline the process; taking the headache and work out of getting your loans set up. It's quite similar to the services performed by a CPA - How many people realistically know how to calculate and file their taxes correctly? Not many, and a lot more people are aware of taxes than they are student loan forgiveness. We keep it modest and keep our communication with you clear and exact at all times. No trickery here, what you see is what you get.
Debt is a trap, especially student debt, which is enormous, far larger than credit card debt. It's a trap for the rest of your life because the laws are designed so that you can't get out of it. If a business, say, gets in too much debt, it can declare bankruptcy, but individuals can almost never be relieved of student debt through bankruptcy.
"Patriotism in the US means taking care of US - And I intend to do my part" - James Reisse, Founder of Student Loan Forgiveness US
Student Loan Forgiveness US is comprised of a group of people who individually and collectively have or had student loan debt.
We are of the opinion that the entire for-profit college system is an ostensible money farm that treats students like numbers with no thought spared for their future.
Out of the 45 million Americans saddled with student loan debt, an estimated 70% are eligible for student loan forgiveness. The problem is, only about 10% of the 70% have actually signed up! Our goal is to assist as many student borrowers as we possibly can.
It just so happens that the best way to do that is to provide a service for former students that helps to lower - if not abolish - their student debt or at least get their loans to a manageable, affordable state.