Pardoning Repayment Programs You Can Leverage by Alum Financial

When it comes to loan repayment, there is nothing that impresses our clients than forgiveness programs. And given that our teams are ready to educate you about Various Student Loan Forgiveness Programs – Alum Financial, all our clients get to know what loan servicers don't tell you about. When it comes to repaying loans, there is no one plan fits all. There are many and all these come with merits and demerits. Even the loan forgiveness plans that sound great can be inconvenient for some individuals. For instance, the Obama Student Loan Forgiveness Program sets a period (often several years) within which you should pay on monthly without delay to qualify.

But with Student Loan Repayment Advice From Alum Financial, you get the best solution that meets your needs as a person. Our advice is often based on your income and how you spend it. Depending on what you do, you might qualify for the following forgiveness programs.

Teacher Loan Forgiveness

This alternative works for teachers and is very beneficial because it entails principle reduction plus early pardoning. A teacher can get a reduction of more than $5,000 and less than $17,500.That is a huge sum of money. The federal government does this to encourage more and more people to get into this profession and stay there. You qualify for forgiveness after paying for 10 years while you teach. 

Total and Permanent Disability Discharge

Here those who might have mental or physical disability qualify for discharge of what they owe.

Public Service Loan Forgiveness

With this option, you need to make 120 qualifying payments while you work full-time as a public servant. You may be forgiven if you meet the threshold. But if you took Perkins loans or the FFEL loans, then this will not apply. However, not all hope is lost. You can still consolidate the Perkins and FFEL loans to be eligible for pardoning.

But keep in mind that the repayments you made before the consolidation don't count towards your loan forgiveness. Also, remember consolidation of loans can lead to losing the original benefits attached to it. In this case, you will need to evaluate the terms and conditions, then weigh to find which option is best suited for your situation. Loan forgiveness requires that you enroll in a repayment plan that qualifies.

These include: standard, income-based, income-contingent, and pay as you earn. And the public services you can choose include working in a government organization, a non-profit organization, AmeriCorps, and others that provide service to the public.