If you are struggling with the burden of student loan debt, there is hope. Student Loan Forgiveness (SLF) has helped thousands of borrowers lower their monthly payments and put them on track for total loan forgiveness after 20-25 years of responsible payments. This article will walk you through how to apply for SLF, what documents you need to submit, and why it’s important that your application is complete and accurate—otherwise your application may be denied!
Forgiveness For Student Loan
Download the forgiveness form.
- Download the student loan forgiveness form from your lender.
- Save the file to your computer.
- Print out a copy of it and sign it in ink, not with a pen or marker (the latter will smudge).
- Mail or fax the form back to your lender once you’ve signed it, along with any documentation they may require (such as proof of income or net worth)
Verify that you qualify.
To qualify for forgiveness, you must have a Direct Loan, FFEL or Perkins loan. You also need to make 120 consecutive qualifying monthly payments on your federal student loans. The payment period starts from October 1, 1998 and will continue until September 30th of this year. If you had more than one type of federal student loan in 1998, then only the outstanding balance on the first one is considered for eligibility purposes.
The term “qualifying” means that your Direct Loan or FFEL program has been converted into an income-driven repayment plan (IDR), such as Pay As You Earn Repayment Plan (PAYE). This IDR plan is a type of Income-Based Repayment Plan where monthly payments are based on 15% of discretionary income instead of fixed amounts determined by the original terms set forth by the lender when they offered you those loans back in 1997/1998/1999 etc..
Complete the form.
Student Loan Forgiveness
If you are eligible, Student Loan Forgiveness will help lower your monthly payments and put you on track for total loan forgiveness after 20-25 years of responsible payments.
To apply:
- Complete the form above to see if you qualify for student loan forgiveness. You’ll need to provide some basic information about yourself, including your name, Social Security number and contact information so that we can send correspondence related to this application process (if approved). If it appears that we don’t currently have enough information about your loans for us to make an accurate determination about eligibility for a particular program or plan within our organization, we’ll ask for more details before moving forward with an application process.”
Attach all of the required documents to ensure that no information is missing from your application.
Attaching all of the required documents to your application will help ensure that no information is missing from your application. If you are missing any documents, the application will be rejected and you will have to resubmit it. If you do not attach all required documents, then the lender will reject your claim and send you a letter explaining why they did not approve your claim. You can also attach a copy of any relevant correspondence that was sent with or about any payments made on the loan so that we can review these records before making our decision on whether or not to accept or deny an applicant’s request for forgiveness of their student loan debt.
Submit the completed and signed form and any required documents to the address on the form.
Once you’ve completed the form, attach all of the required documents, and have signed and dated it, send it to the address listed on the form. The IRS will review your application and notify you if they need additional information or documentation. The IRS has three years from when you file your request to make a decision about your request for student loan forgiveness. Once granted, this type of forgiveness will be permanent unless revoked by law.
If you are eligible, Student Loan Forgiveness will help lower your monthly payments and put you on track for total loan forgiveness after 20-25 years of responsible payments.
If you are eligible, Student Loan Forgiveness will help lower your monthly payments and put you on track for total loan forgiveness after 20-25 years of responsible payments.
If you’re not a homeowner or business owner, there’s no reason to wait! Your best chance at student loan forgiveness is in repayment plan that lowers your monthly payment (like Income-Based Repayment).
Closing
Now that you have read about the various types of forgiveness available for student loans, it’s time to start thinking about how much money you can save! If you think that one or more of these options is right for you, then go ahead and get started on putting together this application. The process doesn’t take too long, but there is some paperwork involved so make sure to gather together all relevant documents before starting off with the process. For instance if someone has already made payments on their own behalf (such as parents), then they will need proof from them showing this fact such as copies of checks written off or receipts showing money paid directly into an account rather than having been withdrawn as income tax deductions by others who may have helped pay off school debts originally incurred by student borrowers themselves (like parents).