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How can i lower my student loan debt? Obama Forgiveness act?

North Bergen, NJ |

I have one subsidized and another unsubsidized loans.(Total 9k). I have another loan of 15k with 18% from a trading academy. How can i lower this ? thank you

Attorney Answers 4


There is no "Obama Forgiveness Act". The Dept. of Ed. has a Public Service Loan Forgiveness program that forgives debt after 10 years of making regular payments while working for a qualified public service employer. If you are permanently disabled you can apply for forgiveness. Other than that, the only way to reduce your debt is to pay your loan. There are also alternative repayment programs that can lower your monthly payment, but at the cost of paying more in interest. Also, these programs are only for federal student loans. Your options for private student loans are limited to whatever the lender will do for you, which is usually not much.

The information provided here is intended to help you be an informed legal consumer and is not a substitute for representation by an attorney.

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I agree with my colleagues response. you may benefit from looking into a loan from a bank or private institution that would pay off your student loan while offering you a significantly lower interest rate.

If you found this Answer helpful, please mark it as "Best Answer". Your feedback is greatly appreciated. Peter J. Lamont, Esq. Law Offices of Peter J. Lamont 623 Lafayette Avenue, Suite 2, Hawthorne, NJ 07506 Phone: (973) 949-3770 Fax: (866) 603-0471 Toll Free: (855) NJLAW01 (855) 655-2901 Additional Offices in New York, Monument, CO, San Juan, PR and affiliates throughout the country. PLEASE NOTE: The above statements are provided for informational purposes only and do not constitute legal advice. Transmission of the information is not intended to create, and the receipt does not constitute, an attorney-client relationship between sender and receiver. You should not act or rely on any information contained on this site without first seeking the advice of an attorney.

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I totally agree with my colleagues on this point.

Attorney answers to questions are for general purposes only and do not establish an attorney-client relationship. There are always specific facts that are important for an attorney to review before providing advice to a Client. In no way should you rely on the response provided herein to conduct your legal affairs on your own. You should always hire an attorney before you rely on advice provided.

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Is your question - how to lower the monthly payment or the overall amount, or may be the interest rate? It is not clear.

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