It’s factual to say that Obama student loan forgiveness program is helpful for many students, those with huge debt when finish the college studies. Are you eligible for the program? This forgiveness program is eligible for teachers, nurses and social workers. It’s important to note that private loan borrowers are not eligible to apply for the program. The benefits for the borrowers in applying this forgiveness program are standard repayment, Pay as you earn, graduated repayment, Income Contingent repayment and income based repayment. President Obama has introduced a new initiative called Student Aid Bill of Rights” by the March 2015.
Significant changes in the bill of rights are Creating the complaint system. It allows the loan borrowers to file the complaints about the loan, debt collectors and other related things, Increasing access to the pay as you earn student loan repayment plan and supporting the students to find the best solution for the loan debt problem.
For your information, 100000+ students in America enrolled in the ‘Pay As You Earn’ plan for the year 2013. It is to note that graduates would not have to make student loan repayments if greater than 10 percent of their income. President Obama student loan forgiveness program is tailor-made for many students those can’s afford to repay the student loans.
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