Student loan reforms have been enacted within the Senate throughout the country by President Obama. These reforms will help students minimize the student loan debt that they’re in, while also being able to help them repay some of the money that they borrowed to make it through the schooling.
In order to process these requested for income based repayment plans, Goodbye Loans has considered this new bill. Goodbye Loans will help to ensure that each student that they work with is able to cut their student loan costs in half, or eliminate them entirely. This can help many students gain financial freedom within their lives, which can eventually boost the economy as a whole.
Goodbye Loans is able to provide students with a chance to walk through the process, understand what is needed and what the forgiveness program means but also to help them become accepted within the program, based on their current income amounts.
The program works by charging students just 10% of what they currently make. This income is then used to help additional students go to college for free. After 20 years of paying back their federal loans at 10%, the students then qualify for forgiveness, where the remainder amount of their loans are then closed out and do not have to be paid for. This then saves the student money, but also helps the economy by putting lower income students through college and into better paying jobs.
However, it is helpful to note that Goodbye Loans can only process this reform on federal student loans. Private student loans have to be paid back to the institution that they’re borrowed from in full and cannot be forgiven, unless by payment plan that the institution allows. Loan consolidation is also an option in this case, which is another program and service that Goodbye Loans is able to help the student with.
Goodbye Loans is excited to offer this new service in the hopes of not only helping students gain their financial freedom back, but also to help the economy become stimulated as a whole. Having this option available to all students that Goodbye Loans works with can provide them with more options to give to their students on how they can pay their loans back in a more affordable manner. More information can be found at.
Generally, everyone that has federal student loans is able to qualify for this type of service. Goodbye Loans is pleased to help the government on this reform bill that has been sweeping the nation since 2014 and continues to do so.