How Do Student Loan Debt Forgiveness Programs Work?


How Do Student Loan Debt Forgiveness Programs Work?

If you are struggling with mounting student loan debt, there is a way to help ease your financial burden. At My Education Solutions, we have been able to help 9 out of 10 students who were previously told they didn’t qualify for other student loan debt programs.

You must be wondering what the program entails. Here are the 6 steps:

Step 1: Find out whether you qualify

Take our Free Student Loan Forgiveness Calculator. It’s only 4 questions long. The calculator will immediately display your results on-screen, showing your new student loan payment and your forgiveness award amount. In a split-second, we can capture and analyze your personal debt situation to provide tailored results to you immediately and on-screen. There is no cost to see if you qualify for forgiveness or to answer any of your questions. Our local, expert advisors are available to discuss the forgiveness programs available to you.

Try our calculator now

Step 2: Enroll & Select Your Payment Date

Set up your one-time $299 enrollment fee and submit your required documents for auditing. Our enrollment advisors will then help you select a new payment draft date for your automatic payments at your new loan repayment amount.

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:  Approval & Monitoring

Approval for your forgiveness program typically takes around 60 days. Your advisor will keep you updated on the approval process.
My Education Solutions will closely monitor your repayment plan over the life of your program.
Monitoring is essential to ensuring that you maintain your full forgiveness benefits at the end of your 10- or 20-year repayment term.

Step 5: Re-Certify

You will need to re-certify every year of your forgiveness or consolidation program.
All you will need to do is send in new income verification and inform My Education Solutions of any changes in income, household size, or contact information.
My Education Solutions clients remain eligible for their programs year-after-year.

Step 6: Forgiveness Discharge

At the end of your program term, My Education Solutions will file the final paperwork for your specific forgiveness or consolidation program on your behalf.
Once this paperwork is filed, you will be released from any additional interest or remaining principal you owe on your Federal Student Loans!

If you are ready to begin your path towards a better financial future, contact us today! (210) 812-3200

Find Out If You Qualify
Try our calculator now