Special Options Available For Student Loan Forgiveness
Loan Forgiveness For Law Enforcement
Special Programs Exist
The Obama student loan forgiveness for police officers is also for people who work in public service, other members of law enforcement, corrections officers, and more qualify for student loan forgiveness under this federal program.
How do you know if you’re Eligible for Law Enforcement Loan Forgiveness?
- You must be a full-time law enforcement or corrections officer
- You must be employed by a local, state, or federal law enforcement or corrections agency, or facility that is publicly funded
- You must be making or have made 120 On-Time qualifying payments (to learn more about qualifying payments, please click Loan Forgiveness and read, “What Types of Employment is Qualifying?”
What does all this mean to my student debt situation as a police officer?
Great question! After 10 years of On-Time payments, you will qualify for loan forgiveness. Our job is to ensure that you are making the lowest possible payments for those 10 years.
Here’s an example, Officer “A” was struggling with student loans and needed help. The total amount of student debt was $132,079 and monthly payments were $1,102! That is unbelievably high, especially when income was around $50,000 a year. How does a person pay over 1K per month in debt and live a decent life for 50K?!
After Officer “A” enrolled with us, we were able to reduce payments from $1,102 a month down to $243 a month!
Once all 120 payments were paid on time, Officer “A” will have saved $103,079 during 10 years of payments and the remaining balance will be forgiven.