Obama plan consolidating student loans

The program is aimed at students who are facing financial difficulties when it comes to paying back their student loans, even after repaying large parts of the total amounts.Similar to cosigner release in typical consolidation loans Obama Student Loan Forgiveness offers UPDATE – Federal Student Loan Forgiveness 2015Those students who are eligible for the program will not have to worry about the remaining debt, as they will be exempt from paying it.The Obama Loan Forgiveness plan was first introduced in March of 2012.The act caps loan payments at a fixed rate of 10% of the borrower’s income.Keep in mind, it doesn’t matter what your job is, it only matters what organization pays you.

After this announcement, the legislative act was named the Obama Student Loan Forgiveness Program.In addition, the loan forgiveness program for military students is designed for those in public service departments.President Obama announced that students who have been making regular payments for their federal loans are eligible to apply for one of the available loan forgiveness programs.For details about the application process, you should access the Student Loans Forgiveness page of the US Department of Education, at Note that you can only apply if you meet all the criteria listed.

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