Is the student loan forgiveness program legitimate?
There are legitimate government programs , such as Public Service Loan Forgiveness , that can reduce or eliminate federal student loans after a certain amount of time. Borrowers on income-driven repayment plans can get their remaining loans forgiven after they make payments for 20 or 25 years, depending on the plan .
Is my Great Lakes a federal student loan?
How Great Lakes Can Help You With Your Student Loans . Great Lakes is a U.S. Department of Education federal student loan servicer. We help with student loan questions, repayment, consolidation, payment relief, and more.
Do student loans get forgiven after 10 years?
The Public Service Loan Forgiveness program discharges any remaining debt after 10 years of full-time employment in public service. The borrower must have made 120 payments as part of the Direct Loan program in order to obtain this benefit.
Can Great Lakes garnish my wages?
Yes. The law (20 USC 1095a) does not require that the Order must be signed to be valid and legally binding. However, if you have any question about the Order’s authenticity, please contact the Great Lakes Administrative Wage Garnishment Unit at (866)348-0712, option 1 for employers.
Does student loans go away after 7 years?
Your responsibility to pay student loans doesn’t go away after 7 years . But if it’s been more than 7.5 years since you made a payment on your student loan debt , the debt and the missed payments can be removed from your credit report. And if that happens, your credit score may go up, which is a good thing.
What happens if you never pay your student loans?
If you miss a payment on your federal student loans you have 270 days to make a payment before your debt goes into default. Once federal student debt is in default, the government is able to garnish your wage, your Social Security check, your federal tax refund and even your disability benefits.
Can Great Lakes student loans be forgiven?
Great Lakes and Public Service Loan Forgiveness (PSLF) Once you’ve met all the requirements, your student loans may become eligible for forgiveness . If you’re approved for PSLF, all qualifying loans will be moved to FedLoan Servicing to complete the PSLF forgiveness process.
Can I go to jail for not paying a student loan?
No, you cannot go to jail or be arrested for not paying your student loans . Failing to pay a student loan , credit card, or hospital bill are considered “civil debts” and you cannot be arrested for not paying your student loans or civil debts. Ultimately, failure to repay student loans could result in wage garnishment.
How can I get rid of student loans without paying?
Actually, there are eight ways, and they’re all perfectly legal. Enroll in income-driven repayment. Pursue a career in public service. Apply for disability discharge. Investigate loan repayment assistance programs (LRAPs). Ask your employer. Serve your country. Play a game. File for bankruptcy.
Do student loans ever get written off?
Do student loans ever go away? The short answer is no, if you’re not part of the Public Service Loan Forgiveness Program . Unlike other forms of debt , such as home and auto loans , student loans generally cannot be discharged during bankruptcy.
How many years before student loans are forgiven?
Will the government ever forgive student loans?
Federal student loans offer benefits that many other loans don’t. One benefit is the ability to qualify for loan forgiveness —under special circumstances, the federal government may forgive part, or all, of your federal student loans . This means you’re no longer obligated to make your loan payments.
Can Great Lakes garnish my tax return?
Defaulting on your loan(s) has very serious consequences, which may include: Damage to your credit history. Withholding of future federal tax refunds or other federal payments. Garnishment (reduction) of up to 15% of your wages.
How do you negotiate a student loan payoff?
Approach the lender about settling student loan debt . You’ll want to open negotiations with your creditor with a polite tone. Negotiate the debt settlement. Get the agreement in writing. Pay the agreed-upon amount. Negotiating a repayment plan. Income-driven repayment plans. Student loan forgiveness programs. Refinancing.
What type of student loan is Great Lakes?
As a loan servicer , Great Lakes is neither a private nor a federal loan. The company actually services both private and federal loans, so the type of loan you have won’t change once you start paying it off with Great Lakes. That could change if you decide to refinance student loans through a private lender.