Private student loans are not backed by the government, as are federal student loans. Private loans are seeked through banks or other financial institutions usually when federal financial aid award is not enough. Their downside is that there are limited repayment options available and payments amounts are generally higher. As a result, resources that may allow a this program are limited.
Loan Repayment Assistance Programs (LRAP)
This is one type of private student loan forgiveness program that’s main purpose is to attract highly qualified individuals into public service based positions. The current options that are available to private student loan borrowers are for the most part related to gaining and maintaining employment with a non-profit organization or government agency. The amount of available funding is dependent upon the service requirements and the type of loan repayment assistance program.
Military Student Loan Repayment Program
New recruits may be eligible for this private program if they have received a college degree before enlisting and have passed the military entrance exam and pass the ASVAB with a score of 50 or better. Payout from this program is dependent on the military branch and current active or reserve status. In addition, the recruit cannot receive the Montgomery GI Bill in conjunction with the forgiveness program. The recruit must submit in writing that they deny the GI Bill before enrolling in the repayment program.
Although private and federal loans cannot be consolidated together, if you do have multiple private loans, student loan consolidation can help consolidate those loans into one easy payment. Each lender has guidelines for consolidating a loan such as acceptable credit history, verifiable employment and residence. Repayment terms are dependent upon the private loan’s outstanding balance.
At Student Loan Forgiveness Group we see how our clients are affected by the lack of support, aid and services that would be provided by a private student loan forgiveness program. Unfortunately, these loans do not have income-based repayment options that the federal government backed student loans are benefitted with. We urge the passing of new federal legislation to provide solutions and hope for those burdened and overwhelmed by substantial amounts of private student loan debt and those in desperate need of a loan forgiveness program. We are hopeful that the 2011 Fairness for Struggling Students Act of 2011 is recognized as vital by the United States Congress and passed in the near future, and we urge you and all American citizens in need of student loan assistance to pursue this cause. Please visit the website below and sign the petition to help make a private student loan forgiveness program available as soon as possible to all in desperate need of help:
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