By Brian Schwartz
The federal government wants to take something away from LEOs in this country – their student loan debt.
Student loans are a real crisis in this country. All told, Americans owe more than $1.2 trillion on loans they took out to go to college. That’s more than all the credit card debt, which is around $900 billion.
The federal government doesn’t want all those people defaulting on their loans, because that could tank the economy. So they’ve come up with programs to ease the burden. Most lower the monthly payments by stretching out the length of the loan, but for law enforcement and other “public servants,” there’s a way to get the loans forgiven entirely.
Of course, this being the government, it’s not simple to do. It’s kind of like filing an tax return, but with no E-Z form. For instance…
- You have to apply for one of three “hardship-based student loan consolidation programs” that sound similar – Income-Based Repayment, Income-Contingent Repayment, or Pay As Your Earn.
- Then you make 120 monthly payments. (That’s 10 years.)
- Then the balance is forgiven – which means erased without any more payments, and without any damage to your credit score.
That might not sound like much of a deal – “I gotta pay for 10 years?!” But under those three complicated programs, you’re getting your monthly payments drastically lowered anyway. That means you’re just pushing the due date on the balance into the future, which is also charging you interest. Yet all that disappears after a decade.
How much can you save? Up to six figures. Those who aren’t LEOs and do these same programs will make an extra 180 payments you don’t have to. That’s 15 years’ worth of monthly bills you get to walk away from.
Best of all, there’s help navigating the government bureaucracy. Just like you can hire a CPA to fill out your income tax return, there’s an organization called Debt.com that works with specialists who do the paperwork for you.
And just like CPAs, these specialists charge a modest fee. But you often earn that back within a few months of lower payments. Of course, there are bad CPAs out there, so how do you know you’re getting a good student loan specialist? Because Debt.com won’t work with anyone who doesn’t adhere to its Code of Ethics.
If you’re struggling with student loans, call 844-452-3792 for a free consultation with a specialist. All you have to lose is your debt.
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