The Federal Government has introduced a multitude of student loan debt relief programs and loan repayment options that can relieve your financial burden as you move towards a better future. The programs vary from complete debt forgiveness to a lower monthly payment cap that may be more convenient and practical for you. It is important to learn about the eligibility criteria for these programs and explore all the options to find one that is best suited for your situation. With a team of financial experts and counselors, we offer all the help and assistance you need in this regard.
Loan repayment plans can hugely impact your ability to pay back your loans on time. Repayment plans also affect the total amount that you pay back to your borrower. Right selection of repayment plan is extremely important in order to achieve a debt-free, stable financial position. However, with so many repayment plans it often becomes difficult to choose the right repayment plan that suits your monthly income and other preferences.
TurboDocs is an organization that helps students and other individuals in managing their finances and organizing their loans. We offer document processing services and help our customers in finding the best repayment plan that can help them to pay back their loans in a timely and stress-free manner.
If you want to get advice on selecting the repayment plan for your student loans or want to change your repayment plan through loan consolidation, contact our professionals at (855) 782-0744.
Public Service Loan Forgiveness (PSLF) is a program designed to encourage students to join and continue public service by forgiving their eligible Federal Direct Loans after they have made 120 income-based payments.
How it Works
Under the PSLF program, individuals who are working in public organizations can get a loan waiver for the remaining balance of their eligible Direct Loans after they have made 120 income-based payments. The payment depends on the applicant’s income and family size. The amount of payment does not matter; it is counted regardless of how low it is.
The Teacher Loan Forgiveness Program (TLFP) is designed to attract students to join and work in the noble profession of teaching by forgiving their eligible loans after they have worked fulltime for five consecutive years at a low income school.
How it Works
Under the TLFP program, individuals working at low-income educational service agencies and secondary and elementary schools can get their loans waived off if they work fulltime for five consecutive and complete years as a teacher. All subsidized and unsubsidized Direct and Federal Stafford loans can be forgiven up to a total of $17,500. After completion of a ten year term, full forgiveness can also be granted.
The federal and state governments offer several student loan forgiveness programs to help nurses working in medically underserved areas pay back their student loans. The student loan forgiveness programs offered by the federal government include:
- The National Health Service Corps Program (NHSC)
- NURSE Corps Loan Repayment Program
- Federal Perkins Loan Discharge
- Federal Public Service Loan Forgiveness
Total and Permanent Disability (TPD) discharge is a program that provides relief to disabled students by completely removing their student loan debts. The individual applying for the TPD discharge must provide documental proof to the US Department of Education that they are permanently and totally disabled and unable to work.
How it Works
Total and Permanent Disability discharge relieves disabled students from paying several of their student loans on the basis of permanent and complete disability. The applicant is required to get a certification from a physician to prove that they are completely disabled and unable to work and earn money.
The TPD discharge program forgives all the Federal Family Education (FFEL) loans, William D. Ford Federal Direct Loans, and Federal Perkins Loans. In addition to this, the program ends the applicant’s obligation to complete a Teacher Education Assistance for College and Higher Education (TEACH) Grant service.