Is debt relief law available for federal student loans?

Yes, debt relief law is available for federal student loans in New Mexico. The federal government offers a variety of different debt relief options for student loan borrowers. These programs are designed to help reduce the amount of a student loan and make monthly payments more manageable. One option is the federal income-based repayment plan (IBR). With this program, borrowers can limit their monthly student loan payments to no more than 10 percent of their disposable income (this figure is determined by the federal poverty guidelines). After 20 to 25 years, the remaining balance on the loan is forgiven. Another program is the Public Service Loan Forgiveness (PSLF). This program is available for borrowers who have made 120 qualifying payments while employed in a public sector job. After this period, the remaining balance is forgiven. There are also other programs available to help student loan borrowers in New Mexico. These include loan consolidation, loan rehabilitation, extended repayment, and more. To find out more information about these options, borrowers should contact the Federal Student Aid office. They will be able to provide more specific information to help borrowers find the best solution for their situation.

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Is debt relief law available for federal student loans?

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