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

Asked 10 months ago - 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)

  1. Peter Joseph Lamont

    Pro

    Contributor Level 18

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    Answered . 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... more
  2. Maxim Christopher Zawojski

    Contributor Level 11

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    1

    Answered . 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... more
  3. Raymond Andrew Grimes

    Pro

    Contributor Level 17

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    Answered . 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.... more
  4. Aneliya M. Angelova

    Pro

    Contributor Level 18

    1

    Lawyer agrees

    Answered . 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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