Top 5 Benefits of Obama Debt Forgiveness Program

We take a look at the top benefits that will be evident in the Obama Debt Forgiveness Program. The loan forgiveness program stands to offer exciting features and advantages that will no longer be considered as a burden in long-term plan. Instead, the Student Loan program offered by the Federal Government is now tagged as the single most inspiring factor when it comes to enrolling into progressive academic curriculum.

Student Loan Forgive

We take a snap shot at some of the benefits achieved by the borrowers covered as part of the Federal Student Loan Forgiveness Scheme. These are related to the tax exemptions, public service benefits, long-term affordability and building relation with NGO’s and federal service agencies.

Tax Relaxations as per Section 108(f)The borrowers who are covered under the Forgiveness scheme are exempted from the Tax payments as per the Section 108(f). The Internal Revenue Code shields the borrowers from being taxed if they are associated with particular occupations. The borrowers who have not worked with any public service agency will continue to be taxed by the federal government.

Work in a public service job to avail income-based repayment

Borrowers who are not working for public service agencies can still avail the income-based repayment scheme and apply for forgiveness after 25 years of consistent monthly repayment. Only if you are working in a public service job, the debt can be written-off in 10 years and not dragged for 25 years.

Relaxed eligibility to avail Loan Forgiveness

The conditions to be covered under Forgiveness scheme consist of documenting and applying for the loan debt forgiveness every year if you are working with a public service agency. To take advantage of this public service loan forgiveness program, the borrower has to shift his federal loan payment into the more comprehensive Direct Loan Program.

Public service jobs get a boostAs per the Federal Student Loan Forgiveness program, the definition of Public service jobs covers the following occupation:

Teachers teaching in elementary, middle and high-schools First responders involved with policy, fire, EMT Public librarians, Social workers, Public defenders and prosecutors Medical officers People associated with tax-exempted NGO’s Military Personnel

Repayments need not be consecutive

The biggest benefit of being covered under Student loan Forgiveness program is that the borrowers need not make a regular payment in consecutive term. In case, if the borrower was laid-off and then got back his job, the scheme would not disqualify the person for non-payment of sum. The scheme continues to match the 120-month repayment deadline.

Connect With USContact Person: Cesar Buitrago

Address 18459 Pines Boulevard, Suite 532, Pembroke Pines, FL 33029Phone 800-551-7187

Fax 866-746-1986

Official Email :info@studentdebtcenter.org

http://www.studentdebtcenter.org/