The government has recently introduced new programs to provide student loan assistance. In the past, student loan assistance has been extremely limited, and the idea of student loan debt forgiveness was almost non-existent. It was something of an urban legend—everyone had heard that student loan forgiveness might be available for some people, but no one ever really had any information on how assistance could be provided.
The new student loan forgiveness program provides a variety of tangible assistance options. There is opportunity for reduction of student loan payments by up to 90%. In addition, it is possible to remove default with 4-6 weeks, stop tax and wage garnishment, and restore a damaged credit score. Loans can also be consolidated into one low monthly payment, and sometimes, if the borrower qualifies, the student loan balance can be forgiven. The new program provides significantly more opportunities than were available to borrowers years ago. Borrowers who take advantage of the program can free up income through lower payments or in some cases, qualify for full student loan forgiveness.