Is debt relief law available for federal student loans?

Yes, debt relief law is available for federal student loans in Virginia. The Virginia Student Services and Financial Aid Office provides loan forgiveness, cancellation, and discharge programs to help borrowers with federal student loans reduce or eliminate their debt. These programs include the Virginia College Loan Repayment Program, Income-Based Repayment Plan (IBR), Public Service Loan Forgiveness (PSLF) Program, Teacher Loan Forgiveness, and Total and Permanent Disability Discharge (TPD). The College Loan Repayment Program offers borrowers additional help in paying off their loans. This program is available to teachers, nurses, and public service employees who work in Virginia. To qualify, borrowers must have loans taken out on or after July 1, 2012. The program pays up to $2,000 a year for up to five years or until the loan is paid in full, whichever comes first. The IBR program provides debt relief for federal student loans. Borrowers who qualify for the program can have their payments reduced to as low as 10% of their discretionary income. After twenty or twenty-five years of payments, any remaining balance is forgiven. The PSLF Program helps public service employees working in Virginia reduce their loan debt. To be eligible, borrowers must make 120 qualifying monthly payments while working full-time for a specific type of public service employer. After 120 qualifying payments, any remaining balance is forgiven. Finally, the Teacher Loan Forgiveness Program and TPD Discharge programs are also available to borrowers in Virginia. The Teacher Loan Forgiveness Program provides up to $17,500 in debt relief for borrowers who have worked full-time in an eligible school and have made 120 qualifying payments. The TPD Discharge program allows borrowers to have their loans discharged if they become permanently disabled and can provide documentation of their disability.

Related FAQs

What are the differences between debt relief law and debt settlement?
Are there any debt relief law scams I should be aware of?
How can I negotiate better terms with my creditors through debt relief law?
What are the different types of debt relief law?
Can I use debt relief law if I am current on my payments?
How can I choose the right debt relief law firm for my needs?
Are there any alternatives to debt relief law?
How long does it take to complete the debt relief law process?
Is debt relief law available for all income levels?
Is filing for debt relief law the same as filing for bankruptcy?

Is debt relief law available for federal student loans?

Related FAQs

Related Blog Posts