Is student loan forgiveness real?
The primary difference between being granted private or federal student loan forgiveness and having your student loan discharged, is the ability in which you are able to pay the debt. In some particular cases, such as disability or repayment of loans for 20 years or longer, you might be eligible to have your loan completely discharged. In other cases you might be qualified for big breaks in payments and caps on interest rates.
How do I apply for student loan forgiveness?
You may apply for student loan forgiveness by filling out one of the forms available on the website. Once you have submitted your information, you will be able to identify the student loan forgiveness options that work for you. Depending on your repayment amount, current income range, profession and many other criteria, you might be eligible for multiple benefits and student loan forgiveness options.
What is student loan forgiveness?
Student loan debt forgiveness is the relief of the burden of debt by either lowering your monthly payments, interest rates or releasing you from the obligation to pay your loan entirely. Depending on your specific qualifications, you might be eligible for more than one student loan repayment program.
This seems too good to be true. How do I know this is legitimate?
Yes it is very legitimate! We won’t argue that there are indeed several companies offering services that are indeed ” too good to be true” and fail to live up to their promises, TurboDocs isn’t one of them. We adhere to the highest ethical and moral business standards and practices. Since we don’t offer dreams or unrealistic outcomes, we are going to let you know from the very beginning if we can or can’t assist you. We’re so confident we have the best and fastest services, we back all our services with our 100% Service Guarantee! Terms and conditions of any guaranteed on this website are available upon request.
Can I do this myself for free?
Yes. You can also represent yourself in a court of law or prepare your own tax return, if you are willing to take the risk of not using an attorney or accountant. Managing your student loans is no different. With the potentially devastating consequences of costing you thousands of dollars and hours of wasted time it only makes sense to use a professional with the knowledge, experience, and resources to ensure all aspects are covered and you’re placed in the best possible position to ensure your financial well-being.
What are the repayment plans?
When repaying a Federal Consolidation Loan, you may choose from multiple repayment plans such as Graduated, Extended, and Income-Based, with various term selections. Your counselor can advise you of the best repayment plan for you by contacting us at (855) 782-0744.
What are the consequences of defaulting?
Your Federal student loans are considered in default after 270 days (9 months) of non-payment. Consequences include:
- Immediate increase in the interest rate of your student loans to 18.5% in addition to any collection agency fees.
- Immediate loss of your Title IV Financial Aid benefits.
- Negative reporting to the three credit bureaus that could result in difficulties obtaining home and auto loans and credit cards.
- Withholding of your federal income tax return by the IRS to repay the defaulted student loans.
- Administrative Wage Garnishment of up to 25% of your paycheck.
How long does it take to get out of default?
On average it only takes 4-8 weeks to remove your loans out of a default status.
What is a Federal Tax Offset?
A Federal Tax Offset is when the Internal Revenue Service withholds your income tax refund check and diverts the funds to the Department of Education as repayment towards your defaulted Federal student loans. It is a legal practice as it is written as a possible consequence in the original promissory note you signed for the original student loan.
I’m experiencing a hardship. Can I get part of my tax offset back?
If the offset of your federal tax refund creates a severe hardship for you, it is possible to request a refund of your offset from your guaranty agency. However, roper documentation is required.
What is an Administrative Wage Garnishment?
An Administrative Wage Garnishment (AWG) is an action taken by the guarantor of your Federal student loan to recover payment on your defaulted student loan or loans by ordering your employer take up to 15-25% of your wages per pay period. Your employer cannot ignore this order or they face possible fines for every non-compliance incident of the order.
What can I do if my wages are being garnished?
There are several options available to stop a wage garnishment; however no two individual cases are the same. Because of this, it’s important to determine the best option available for you. All of our advisors are highly-trained with continued education of the different options available, and will be able to assist you in selecting the one that best suits your needs.
Can I discharge my Federal student loans in a bankruptcy?
Yes and no. Unlike credit cards or any other type of private lender debt, Federal student loans, unless extreme circumstances can be proven in bankruptcy proceedings, generally cannot be included in a bankruptcy. During bankruptcy, a hold will be place on the collection of your student loans, however, once you come out of bankruptcy collection procedures will commence. Again, while it is not impossible for a discharge, less than 1% of all student loans are ever discharged in a bankruptcy.
Can I consolidate my loans that are in grace?
Yes, Borrowers who consolidate loans that are in grace may receive a lower interest rate on their Consolidated Loan if they are consolidating variable rate loans. However, once grace status loans are consolidated borrowers lose any remaining grace period.
Can I consolidate my loans if I am enrolled in school?
Yes and No. You can only consolidate your student loans if you are enrolled less than part-time status.
Can I consolidate an existing consolidation loan?
Yes, under two conditions:
- Borrowers can consolidate existing consolidation loans into a new Federal Loan Consolidation if they include at least one other FFEL or Direct Loan into the new consolidation loan.
- Borrowers can consolidate a single Federal Consolidation Loan as long as there is one Stafford Loan being included that is not a part of the original consolidation.
I can’t afford my loan payment. What are my options?
Can I consolidate a Perkins Loan?
Yes, it is possible to consolidate Perkins Loans into a Consolidation Loan if borrowers include at least one Direct Loan, Federal Family Education Loan (FFEL) or a Stafford Loan in their request. Perkins Loans cannot be included in a Consolidation by themselves.
I’m disabled and I believe I should have my loan discharged or I can’t afford to pay my loan back. What can I do?
Loans can be cancelled or discharged if you are totally and permanently disabled. There are, however, conditions for eligibility and you will need to provide the necessary documentation.
I can’t get a job in my chosen field of study (provisions of deferment). Do I still have to pay?
Unfortunately, student loans cannot be discharged because you feel your institution provided a poor education or had unqualified instructors or inadequate equipment. The U.S. Department of Education does not endorse the school’s educational programs or guarantee that the school will deliver the services for which a student contracted. Therefore, this discharge cannot be granted if the school did not provide job placement or other services that it promised, or if you were not able to find a job in your field of study. For more information about what does qualify as a condition of loan cancellation or discharge contact the Student Loan Project at (855) 782-0744.
Can I pay less than amount due on my account?
You may want to consider looking into some type of payment relief through graduated payment plans or through income-based payment plans.
I signed a promissory note but I didn’t attend class. Do I still have to pay?
Unfortunately, if you did sign the note and the funds were distributed then you are responsible for repayment. For more information about what does qualify as a condition of loan cancellation or discharge please contact one of our counselors at (855) 782-0744.
How Much Does it Cost?
Because no 2 single individuals’ situations are alike, our fees vary depending on the complexity and scope of work required. Our services and one-time service fee pay for themselves on average within the first 60 days in comparison to the complex and often-times unfeasible collection agency/lender options. Because it is also The Student Loan Project’s intention to assist, rather than further financially hinder our clients, we offer several affordable payment options that will fit our clients’ budgets. And once again, all our work is 100% GUARANTEED!! Terms and conditions of any guaranteed on this website are available upon request.