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How to Get Student Loan
If you get difficulties to make payments on your student loans, keep touch with us. Many American students graduate with significant debt and higher education can be expensive.
Federal loans come with a variety of repayment plans designed to make payments more affordable and many based on income.
Student Loan Forgiveness is best option. If you qualify under a loan forgiveness program, you may not have to pay back some or even any of your student loans.
Public Service Loan Forgiveness Program
The public service loan forgiveness program (PSLF) only applies to Direct Loans. If you are considering PSLF, make sure as many of your student loans as possible are direct loans.
The federal Government is the lender with direct loans like Public Service Loan. Move your loans to the Department of Education (DOE) as direct. The application for a direct loan is available on Studentloans.gov. Submit it after fill it. Also you can print and mail it. The PSLF offers loan forgiveness to people who work for a public service agency for at least 10 years.
Your employment likely qualifies for the Public Service Loan Forgiveness program, if you work full time for a government organization. You must take at least 120 regular monthly payments on your student loans to qualify for PSLF.
The federal government will forgive the balance of your direct loans after 120 monthly payments. If you sign up for income driven repayment plans, your monthly payments will be more affordable and may be small.
Complete the PSLF Certification Form
Under an income driven repayment plans, your monthly payment may be $0. You have to make payments in between 120 months to qualify for forgiveness. Complete Public Service Loan Forgiveness employment certification form and send each year.
Complete the first three section of PSLF employment certification form. Take the form to your employer, they will review the information you provided and certify that it is correct.
Download PSLF Employment Certification Form
You can download a Public Service Loan Forgiveness employment certification form at student.gov site. Sign your form and mail it to U.S. (United States) department of education or send on address which locates on form itself, FedLoan Servicing P.O. Box 69184, Harrisburg, and PA 17106 -9184.
You must be employed full time at a qualified public service organization for 10 years to qualify for student loan forgiveness. Pay stubs the number of time you worked.
Submit PSLF Employment Certification Form
Submit a Public Service Loan Forgiveness (PSLF) application for forgiveness. You may be eligible to have the balance of your federal student loans forgiven after you have made 10 years of payments. Give it to your employer to certify application after completion of the application.
You can download the application form at student.gov website. Sign it and mail it to U.S. Department of Education and post on FedLoan Servicing, P.O. Box 69184, Harrisburg, PA 17106-9184 address.
Notification from PSLF
Wait for some time to response from a Public Service Loan Forgiveness. You will get notification from PSLF when your application has been received. You don’t have to make payments on student loans while you are waiting to response from PSLF.
You will get notification explaining the reasons for the denial. You can submit a new application with updated information when your application was deny in error otherwise resume your payment on your student loan.
Application was Approved
The balance of your student loans plus interest accrued from the date of your first qualifying payment will be forgiven, if your application is approved.
If you qualify for forgiveness of the full amount of your loan, you are no longer obligated to make student loan payments. If you are qualify for forgiveness of only a portion of your loan, you are responsible for repaying the remaining balance.
If you qualify for certain types of loan forgiveness, you may also receive a refund of some of the payments made on the student loan, and any adverse information related to your default on the loan may be deleted from your credit record.
Application was denied
If your application is denied there is no appeal. If your application was denied, you will remain responsible for repaying your student loan according to the terms and conditions. Contact your student loan servicer about loan repayment option if you have a direct loan.
If your loan is default, find out how to begin repaying your loan and your options for getting out of default. If your application was denied in error, talk to your loan servicer for more information.
- Default Loans
Forgiveness is not an option for default loans. You will need to use consolidation to get default federal student loans in good standing before they were eligible for forgiveness program.
If your Student loan would not qualify for forgiveness, student loan settlement may reduce your debt in severe cases. Default federal loans are eligible for forgiveness programs.
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