Is debt relief law available for federal student loans?

Yes, debt relief law is available for federal student loans in New Jersey. The Higher Education Relief Opportunities for Students (HEROES) Act of 2003 provides certain types of debt relief for eligible borrowers with federal student loans. Under the HEROES Act, any borrower who has a loan in default, or who is at least 90 days delinquent on payments, can contact their loan servicer to discuss debt relief options. The HEROES Act provides two primary types of debt relief for borrowers who qualify: loan rehabilitation and loan consolidation. Loan rehabilitation is a process in which delinquent borrowers can bring their loans back into good standing by agreeing to a repayment plan consisting of nine to twelve consecutive, on-time, full payments. Loan consolidation, on the other hand, allows borrowers to combine all of their eligible federal student loans into one new loan, which then has a new interest rate. In addition to the HEROES Act, borrowers also have access to the Federal Direct Consolidation Loan program. This program allows federal loan borrowers to consolidate their eligible federal student loans into one larger loan with a new interest rate. This can make payments more manageable and can also extend the loan repayment period in some cases. In conclusion, debt relief law is available for federal student loans in New Jersey. Borrowers have access to the HEROES Act, as well as the Federal Direct Consolidation Loan program, both of which can help borrowers manage their student loan debt and potentially save money on interest payments over the life of the loan.

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Is debt relief law available for federal student loans?

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