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Obama forgiveness program for student loans

Posted by: Consumer January 12, 2012 in Reader Questions, Sallie Mae

Tons of student loan debt. I have over 100,000 worth if loans. Direct loan and sallie Mae. I’m paying sallie Mae. But was able to defer the direct loan portion because I’m unemployed.

1. How do I apply to the Obama forgiveness program?
2. Am I eligible even if it’s being deferred?
3. Why does my loan balance screw up my credit so bad?

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About Consumer

Consumer
This is information that was submitted by a third party and not generated by GetOutOfDebt.org or Steve Rhode.
  • Phillip phillips

    try the site nick posted, but the only help with federal loan, not private loans

  • Anonymous

    Just know that this plan does not apply to private student loans.

  • Britt

    I thought the Obama plan was just a loan consolidation for federal loans, not an actual forgiveness program. Please tell me I am wrong and that there is some kind of forgiveness program???

    • http://GetOutOfDebt.org Steve Rhode

      There is no current program as the “Obama Plan” but the Income Based Repayment program comes closest and does exist.

      Student loans are forgiven for public service, teaching, and disability.

  • http://www.facebook.com/nickalexnorton Nick Norton

     You need to consolidate your loans under the Federal Direct Loan program: http://loanconsolidation.ed.gov/.

    Once they’re consolidated, select a payment plan on the website that involves forgiveness.

  • http://www.facebook.com/nickalexnorton Nick Norton

     You need to consolidate your loans under the Federal Direct Loan program: http://loanconsolidation.ed.gov/.

    Once they’re consolidated, select a payment plan on the website that involves forgiveness.

  • Jade V

    I’d actually like to sign up for that as well – please keep me posted. 

  • Jade V

    I’d actually like to sign up for that as well – please keep me posted. 

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