About the Obama Student Loan Forgiveness for Firefighters Program
Loan Forgiveness For Firefighters
The Obama student loan forgiveness program for firefighters makes you eligible for for student loan forgiveness under this federal program if you have federal loans, among other required criterion.
Do I qualify for loan forgiveness?
In order to qualify, you must be working full-time as a firefighter in a local, state or federal fire department. Volunteer firefighters and people who work part time are ineligible.
How does loan forgiveness work for firefighters?
Federal student loans can be forgiven after you’ve made at least 120 timely payments. This means that your payments were received on time and aren’t considered late by the lender. However, student loan forgiveness saves you money and time. Additionally, if you have multiple federal loans, it’s possible to combine them through debt consolidation so you’re only making monthly payments to one company versus multiple companies.
What student loans are considered for forgiveness?
There are two types of loans eligible for student loan forgiveness, Direct Student Loans and Direct Consolidation Loans. If you have other federal loans, that doesn’t mean you don’t qualify for loan forgiveness per se, which is why it’s important to contact us (800-940-8911) so we can walk you through each of your loans to figure out the best solution for your specific situation.
Before contacting us, please make sure you get your FSA ID. The application process takes 1-2 minutes. This is a (spring 2015) government mandate.
What does all this mean to my student debt as a firefighter?
Great question! After 120 On-Time payments, you will qualify for loan forgiveness. Our job is to ensure that you are making the lowest possible payments during those 10 years.
Here’s an example, Firefighter “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 Firefighter “A’s” 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?!
Upon enrolling 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, Firefighter “A” will have saved $103,079 during 10 years of payments and the remaining balance will be forgiven.