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
• There are several benefits that borrowers can enjoy when it comes to the Obama Student Loan Forgiveness. Borrowers have the chance to consolidate all loans into one and take advantage of an affordable repayment plan. The Direct Loan Program offers several repayment plans including:
  
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