US Democratic Presidential Nominee Senator Barack Obama (D-IL) Speaks At A Campaign Rally In Fayetteville, North Carolina, October 19, 2008.  REUTERS/Jim Young    (UNITED STATES) US PRESIDENTIAL ELECTION CAMPAIGN 2008 (USA)

WHAT IS PRESIDENT OBAMA’S LOAN FORGIVENESS PROGRAM?

President Obama’s student loan forgiveness program introduced three major changes to Federal student loan forgiveness laws, including:

  1. Complete forgiveness of Federal student loan debt after borrowers have made 240 monthly payments
  2. Introduction of the Pay As You Earn Student Loan Repayment Plan
  3. Updates to the Public Service Loan Forgiveness Program

This page talks about the President’s student loan reforms in detail, and it receives updates whenever news is announced. Be sure to check back throughout 2015 for the latest information about what’s available, what’s being proposed, and what’s being changed.

Debt Forgiveness for Federal Student Loans

Because of President Obama’s student loan forgiveness program, qualifying borrowers who are participating in the program are now eligible to have all of their Federally-funded student loans completely erased after they’ve made 20 years worth of payments on the debt, no matter how much might be left over.

That means that you can borrow money for college from the Federal Government, and that after you’ve made 240 monthly payments on your debt (no matter how much you have or have not paid off), you won’t have to make any more monthly payments.

Find out if you qualify:

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More Information: Obama Student Loan Forgiveness Program

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