Article provided by: Goodbye Loans
Goodbye Loans aims to help people get their student debt loans under control, largely through Barack Obama’s Student Loan Forgiveness Act. We can help any student get on the right repayment track regardless of that student’s financial situation. Goodbye Loans has helped many students who attended the University of Phoenix get loan forgiveness. According to the Consumer Protection Bureau, student loan debt has now gone past $1 trillion. You will find out if you qualify for our loan forgiveness program in 10 minutes.
Barack Obama’s Student Loan Forgiveness Act only deals with federal student loans and is a pay as you earn system. Since 2014 borrowers have been able to qualify for payments from just 10% of their discretionary income. That money would be used to increase college funding, especially for minority students and poor students. The federal government would no longer give subsidies to private lenders for federal loans. New federal loan borrowers will qualify for loan forgiveness after 20 years of making loan payments.
Students can consolidate all of their loans into one fee and qualify for an affordable repayment plan. A student’s payments are lower than standard repayment plans. But the payments do increase every two years. The repayment plan is only based on the student’s income. A student must pay 15% of her discretionary income to her loan debt. Borrowers are charged a fixed amount every month no matter how long it takes to pay off the whole debt. The fixed amount depends on the loan term, the amount of money borrowed and the student loans interest rate.
Students who were defrauded by the University of Phoenix can receive loan forgiveness help with the Borrower’s Defense Against Repayment Program. This program allows students to challenge the legal validity of their loans. To qualify for complete loan forgiveness, the student must prove the loans are based on lies, deception and deceptive marketing strategies. 66% of the students who planned on getting an associate’s degree at the University of Phoenix ultimately left the school.
The University of Phoenix is just one of 21 for-profit schools the federal government sanctioned in 2010 following an investigation from the Government Accountability Office. The United States Federal Trade Commission has also been investigating the University of Phoenix since 2015. USA Today reported in 2013 that the University of Phoenix had a 26% student loan default rate, while the graduation rate was only 17%. University of Phoenix students owe over $35 billion in student loans, the highest percentage of all American colleges.
For more information about our loan forgiveness services fill out your student debt details on our website contact form. We will need to know the amount of your loan, the current status of your loan, what type(s) of loan you have and your estimated annual income. You will find out if you qualify for our services within 24 hours. Our phone number is 1-800-940-8911. The information you give us will be kept entirely confidential and will never be shared by 3rd party sources.University Of Phoenix Loan Forgiveness
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