Florida Federal Student Loan Debt Forgiveness Lawyer
Helping You Reach Loan Forgiveness
The sense of relief that borrowers get from finally being debt-free is tremendous. Studies have shown that those who have student loan debt causes headaches, loss of sleep, and “very significant” stress, according to CNBC. 80 percent of working professionals with student loan debt classify their debt as a major source of stress in their lives, while the debt of millions of millennials has impacted their ability to buy cars, food, rent, and groceries, as well as afford to go on vacation. The financial impact of student loan debt can forestall major life goals, such as getting married, buying a home, and having children. Some employers are even assisting their employees to pay down their debt, because the stress of student loan debt negatively impacts their work performance, according to Quartz. For those not fortunate enough to have an employer help pay off their student loans, there are other options, such as debt forgiveness. Our Florida federal student loan debt forgiveness lawyers at Nowack & Olson, PLLC can review your situation to create the best solution for your specific circumstances.
How Student Loan Debt Forgiveness Works
Federal student loan debt can be forgiven for eligible borrowers. Some may have to pay taxes on the forgiveness, depending on your circumstances, while others do not. Either way, forgiveness can offer the very welcoming debt relief that you have been seeking for years. Below are some of the options for federal student loan debt forgiveness, according to Federal Student Aid:
- Public Service Loan Forgiveness—For tax-free federal student loan forgiveness, public employees are set up perfectly for getting rid of their debt, as long as their public service job qualifies for this program and they have made 120 payments.
- Teacher Loan Forgiveness—Teachers in low economic elementary schools, secondary schools, and educational service agencies who teach full time for five complete and consecutive academic years may be eligible for debt forgiveness of up to $17,500 for Direct Loans or FFEL Program loans.
- Income-Driven Repayment Plan Forgiveness—For borrowers with Income-Driven Repayment Plans, including IBR, ICR, PAYE, or REPAYE plans, the remaining balance on your federal student loans can be forgiven after your repayment period ends. Not all borrowers who have repayment plans have any balance remaining on their debt, however. Yet, if you suffer economic hardship, for example, this deferment can count towards your repayment period, potentially leaving you with a balance remaining that could potentially be forgiven.
Our Federal Student Loan Debt Forgiveness Attorneys Are Available to Help Today
Student loan debt is a growing problem in the U.S. and throughout Florida. It causes unnecessary financial stress that sets back individuals and families from reaching their goals and finding peace. We urge you to reach out to our Florida student loan debt forgiveness attorneys at Nowack & Olson, PLLC today for assistance. You could be just a phone call away from turning the page on your debt history and starting a new chapter of your life. Call us at 866-907-2970 to schedule a free consultation today.