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Student Loan Forgiveness Group

Key Information About Obama Student Loan Forgiveness

First and foremost, it’s imperative that we take account of the motives behind the Obama Student Loan Forgiveness Program. With a country of young, indebted professionals, the economy takes a significant hit. Instead of spending on consumer goods and the like, young people are sending hefty chunks of their paychecks to the federal government. That’s not good for the economy. And, as we have been reminded over the past few years, a bad economy is bad news for the political party in power. It’s in the best interests of the country and of the government as well for young, debt-ridden grads to have their load lightened slightly. So, now that we know that the motives behind it are good, let’s take a closer look at the plan’s bones.

What You Need To Know

It’s important that we cover the most fundamental basics of the Obama student loan forgiveness plan. As you might imagine, this piece of federal legislation has its share of clauses and legalese that are extraneous for our purposes. So, in an attempt to boil things down as much as possible, we’re going to stick to the nuts and bolts of the new law.

First, there’s the matter of the income cap. Finally, there’s an income cap that we can actually benefit from. As a result of this particular section of the law, you are no longer forced to contribute more than 10% of your after-tax income to paying off your debt. Percentage points add up quickly, so it’d be very useful for you to take a quick look at how much you’re currently giving up on a monthly basis.

As for the real backbone of this piece of legislation, there are some much larger savings to be had. For those teaching in certain poverty-stricken neighborhoods, it will be 5 years until you can completely discharge your debt. Those working in the public sector can look forward to being debt-free in just a decade. The ones with the longest wait, those in the private sector, are looking at 20 years. Though that might not seem like much help, getting rid of your debt even a year or two early will save you thousands.

Qualifying For Obama Student Loan Forgiveness

There are certain people who fail to qualify for Obama student loan forgiveness. For example, those who took out certain private loans while in school are not eligible to have the government step in and dismiss that debt. There are other stipulations and footnotes to be considered, so it’s best that you contact a professional if your serious about using this program to rid yourself of your student debt.

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