Obama student loan forgiveness

Officially known as the William D. Ford Direct Loan Program, the Obama Student Loan Forgiveness Program gained this nickname after President Obama made a few reforms to the Direct Loan Program in 2009. However, the reforms only apply to federal student loans. Some of the reforms made by Obama include:

• Starting 2014, borrowers would qualify to pay for payments based on 10% of their discretionary income
• Money will be used primarily to increase college funding as well as to fund minority and poor students
• Subsidies will no longer be given to private lenders by the federal government for federally backed loans
• New borrowers will qualify for student loan forgiveness after 20 years of qualifying payments.                                                         You may be able to get your Federal Student Loans forgiven if you qualify for any of the available forgiveness programs.