The difference between them is that Forgiveness programs typically take a longer time to qualify for, whereas Discharge programs let you get rid of your loans in an instant.
Most Forgiveness programs only allow you to get rid of your loans after you’ve made a certain number of payments toward them (typically, they require 10, 15 or 20 years worth of payments), but they’re the type of program more people will qualify for, since they’ve got easier eligibility conditions.
One of the worst things about falling deeply into debt is dealing with multiple creditors.
There's too many accounts to keep track of, a stack of bills on your desk each month, and if you fall behind, a steady drumbeat of phone messages from creditors who want to be paid.
I’m going to let you in on a little secret: in 2018, it’s possible to get rid of your student loan debt without paying a single cent! Via Student Loan Forgiveness Programs, which are now readily available for both Federal and Private Student Loans.
There’s never been a better opportunity to qualify for Student Loan Forgiveness Benefits, as there are literally tons of different programs available, so be sure to browse through my list below and you’re almost certain to find a forgiveness program that can help you get rid of your loans without paying for them.
Essentially, you take a sizable loan, use those funds to pay off all your creditors, and then make monthly payments on the loan.In contrast, the Discharge programs let you wipe your loans out right away (based on certain guidelines you must meet), but they’re much harder to qualify for because they’re only available to a tiny slice of the population of people with student loan debt.Below, I’ll go through each available Forgiveness and Discharge program in detail, so prepare for heavy reading, because you’ll need to get into specifics to determine which program will work best for you.The loan may be obtained through debt relief companies, or through your bank, or as a home equity loan if you own a home.Although this approach has the basic appeal of consolidating your debt into one monthly payment, there are significant costs and risks involved: As one of the nation's leading non-profit debt management agencies, ACCC offers a way to consolidate unsecured personal debts without having to borrow more money. In short, we work out an arrangement with your creditors whereby you make one consolidated payment to ACCC each month and we then make the monthly payments to your creditors.Keep in mind that while it’s way easier to get rid of Federal loans (because there are so many more programs for them), it’s no longer impossible to qualify for excellent Private Student Loan Forgiveness benefits too, because there are definitely some great options out there now!