WASHINGTON — The Obama administration announced Tuesday a plan to forgive $7.7 billion in federal student loans held by Americans, of which roughly half have fallen back on their payments and are struggling financially.
This is a big deal because there are millions of Americans struggling with student loan debt.
You may qualify for a student loan forgiveness if you are financially struggling.
How Does it Work?
The government would like as many people as possible to lower their student loan payments. There are many programs that can either forgive your student loan or dramatically lower your student loan payment down to $0.
“When I first signed up for college I didn’t think anything about taking out student loans. They told me they were ‘grants.’ After I graduated I haven’t been able to find a job. Now the loan companies call and harass me every day for their payments I can’t afford.
I stay up crying every night thinking about how I’m going to provide a better future for my child.
The worst part is my parents co-signed my loan and now they’re getting harassed and are worried about their retirement. I feel like I ruined their life and my life as well.
I can’t buy a car, buy a house or save for my future. I stay up crying every night thinking about how I’m going to provide a better future for my child. I thought I was going to live the American dream this is an absolute nightmare.”
What You Can Do
The time to act is now. This program may end any time without notice. If you or a loved one is struggling with crippling student loan debt it’s not your fault and you’re not alone.
Over 40 Million Americans are currently struggling with their student loans. You can get help simply call the number below to speak with a student loan forgiveness counselor. Every day you wait your student loan is is keeping you from living the life you deserve. Imagine what your life will be like without a student loan payment.