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.
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.
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Peter J. Lamont, Esq.
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