The 8 Steps to Student Loan Forgiveness
If you are struggling with mounting student loan debt, there is a way to help ease your financial burden. My Education Solutions discovered that many clients qualify for some form of student loan debt forgiveness program that would help reduce their monthly payments and overall student loan debt balance.
So how exactly do our certified student debt counselors guide you through the forgiveness programs? Here are the 8 steps our clients go through:
Step 1: Find out if you qualify
Once you take our Free Student Loan Forgiveness Survey, we can then capture and analyze your personal debt situation to provide tailored results to you within 48 hours. There is no cost to see if you qualify for forgiveness or to answer your questions.
Step 2: Enroll
Our certified debt counselors will review the forgiveness programs available to you, answer your questions, and walk you through our quick application to enroll you in our program.
Step 3: We’ll File Your Paperwork
After we determine the best debt forgiveness program for your unique situation, My Education Solutions will file all the necessary paperwork for you.
Step 4: Enrollment Approved
Approval for your loan forgiveness program typically takes 45-60 days to be approved by the Department of Education. Your advisor will keep you updated on this approval process.
Step 5: Select a new Payment Draft Date
Once approval is confirmed, our certified debt counselors will help you select a new payment draft date for your new student loan payment and schedule your one-time $299 enrollment fee.
We will set up automatic payment drafting to start your new loan repayment schedule. Your advisor will also monitor your payment activity to make sure you don’t miss or get behind in your repayment.
Step 6: We’ll Monitor Your Plan
My Education Solutions will closely monitor your repayment plan over the life of your program.
If there is a problem with a missed payment or issues with the drafting process, your adviser will let you know to make sure that you can still make your scheduled payments.
Monitoring is essential to ensuring that you obtain your full forgiveness benefits at the end of your 10 or 20-year repayment term.
Step 7: Re-Certify
You will need to be re-certified every year of your forgiveness program. Our Renewal team will contact you a few months prior to your renewal deadline.
All you will need to do is send in updated income and household size information then your adviser can re-certify you into the program.
Step 8: Forgiveness Discharge
At the end of your program term, My Education Solutions will file the final paperwork for your specific forgiveness program on your behalf.
Once this paperwork is filed and approved, you will be released from any additional interest or principal you owe!
Our team at My Education Solutions will be with you every step of the way, throughout the life of your forgiveness program.
To begin your journey for Student Loan Forgiveness, click the link below to find out the amount of forgiveness you are eligible for.
Click here for the Student Loan Forgiveness Calculator