Are these student loan forgiveness programs legit?

Published by Charlie Davidson on

Are these student loan forgiveness programs legit?

“Legitimate loan forgiveness programs will cancel part or all of your student loan debt, but they won’t charge you a fee to do that.” Safier went on to explain that there are legitimate financial counselors that charge a fee to make a financial plan for repayment, but there’s nothing that they’re doing that a borrower …

What is a loan owned by Ed?

If the servicer name begins with “DEPT OF ED”, the loan is owned by the U.S. Department of Education.

Is there a stimulus forgiveness for student loans?

The recent stimulus bill includes a section on student loans that makes student loan forgiveness tax-free through the end of 2025. This tax treatment applies to both federal and private student loans. Prior to this, the only program that offered this benefit was the Public Service Loan Forgiveness (PSLF) program.

Is National Debt Relief a legit company?

Minimum debt requirement: National Debt Relief requires a minimum of $7,500 in unsecured debt to qualify, the same amount as Freedom. Customer experience: The company is accredited by the Better Business Bureau with an A+ rating and around 80 customer complaints in the past three years.

How do I know who holds my student loans?

Identifying Your Servicer To find out who your loan servicer is, visit your account dashboard, find the “My Aid” section, and select “View loan servicer details,” or. call the Federal Student Aid Information Center (FSAIC) at 1-800-433-3243.

How can I get my school loans forgiven?

You can get federal student loan forgiveness through the Public Service Loan Forgiveness program after making 120 monthly student loan payments (10 years) and meeting other requirements.

Are there any student loan debt relief companies?

The Federal Trade Commission (FTC) has taken legal action against the following student loan debt relief companies: A1 DocPrep, Inc. If you have already turned over your personal information or paid a student loan debt relief company, consider one or all the following options: Log in and change your FSA ID.

Do you have to pay for student loan relief?

A student loan debt relief company asks you for payment in exchange for help navigating your student loans. However, there’s nothing they can do that you can’t do yourself, especially with the help of your loan servicer.

Can a company get rid of your student loans?

No one can promise immediate and total student loan forgiveness or cancellation. A student loan debt relief company may claim to get rid of your loans quickly, but most government forgiveness programs require many years of qualifying payments and/or qualifying employment in certain fields before loans can be forgiven.

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