Consolidating student loans 2016 obama

The REPAYE program will also forgive any remaining debt after 20 years for undergraduate loans.

Also, if you received your student loan(s) before 2011, you could qualify for better repayment options by consolidating.If you have student loans, you may have seen advertisements online touting "Obama's New Loan Forgiveness Program." Companies using these advertisements offer to help borrowers — for a fee — apply for the government program to lower monthly payments and consolidate their federal student loans. Companies are charging unaware borrowers for assistance that they can receive for free on federal student loans from the Department of Education.Nine percent of student loan borrowers have used debt-relief companies, according to a recent survey by borrower advocacy group Student Debt Crisis and personal finance website Nerd Wallet.The much talked about Revised Pay As You Earn (REPAYE) program became available on December 17, 2015.Federal student loan borrowers in need of a repayment plan with lower monthly payments now have another option to choose from.The number of people enrolling in these repayment plans has far outpaced what was expected.


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