Top 5 Benefits of Obama Debt Forgiveness Program

We take a look at the topbenefits that will be evident inthe Obama Debt ForgivenessProgram. The loan forgivenessprogram stands to offer excitingfeatures and advantages thatwill no longer be considered as aburden in long-term plan.Instead, the Student Loanprogram offered by the FederalGovernment is now tagged asthe single most inspiring factorwhen it comes to enrolling intoprogressive academiccurriculum.

Student Loan Forgive

We take a snap shot at some of the benefits achieved by the borrowers covered as part ofthe Federal Student Loan Forgiveness Scheme. These are related to the tax exemptions,public service benefits, long-term affordability and building relation with NGO’s andfederal service agencies.

Tax Relaxations as per Section 108(f)

The borrowers who arecovered under the Forgivenessscheme are exempted from theTax payments as per theSection 108(f). The InternalRevenue Code shields theborrowers from being taxed ifthey are associated withparticular occupations. Theborrowers who have notworked with any public serviceagency will continue to betaxed by the federalgovernment.

Work in a public service job to avail income-based repayment

Borrowers who are notworking for public serviceagencies can still avail theincome-based repaymentscheme and apply forforgiveness after 25 years ofconsistent monthlyrepayment. Only if you areworking in a public servicejob, the debt can be written-off in 10 years and notdragged for 25 years.

Relaxed eligibility to avail Loan Forgiveness

The conditions to be covered under Forgiveness scheme consist of documenting andapplying for the loan debt forgiveness every year if you are working with a public serviceagency. To take advantage of this public service loan forgiveness program, the borrowerhas to shift his federal loan payment into the more comprehensive Direct Loan Program.

Public service jobs get a boost

As per the Federal Student Loan Forgiveness program, the definition of Public servicejobs covers the following occupation:

Teachers teaching in elementary, middle and high-schoolsFirst responders involved with policy, fire, EMTPublic librarians,Social workers,Public defenders and prosecutorsMedical officersPeople associated with tax-exempted NGO’sMilitary Personnel

Repayments need not be consecutive

The biggest benefit of being covered under Student loan Forgiveness program is that theborrowers need not make a regular payment in consecutive term. In case, if the borrowerwas laid-off and then got back his job, the scheme would not disqualify the person fornon-payment of sum. The scheme continues to match the 120-month repaymentdeadline.

Connect With USContact Person: Cesar Buitrago

Address 18459 Pines Boulevard, Suite 532, Pembroke Pines, FL 33029

Phone 800-551-7187

Fax 866-746-1986

Official Email : info@studentdebtcenter.org

http://www.studentdebtcenter.org/