From total loan forgiveness to better repayment options, one can imagine the struggles of both graduates and the Federal government to work out an ideal answer.
The FTC claimed the defendants sent consumers mailers telling them they qualified for a federal program that would either minimize their monthly payments or
provide total loan forgiveness.
The Loan Repayment Assistance Program (LRAP) program greatly reduces the degree to which financing the cost of a legal education limits career options and opens the door to public service careers by providing a path
for total loan forgiveness.
According to the FTC, the defendants sent personalized mailers to consumers falsely claiming they were eligible for federal programs that would permanently reduce their monthly debt payments to a fixed low amount or result
in total loan forgiveness.
The defendants also falsely promoted that these monthly payments would be applied to their student loans, according to the FTC's complaint.The FTC claimed the defendants sent consumers mailers telling them they qualified for a federal program that would either minimize their monthly payments or
provide total loan forgiveness.
For those that qualify and make on time payments,
total loan forgiveness can occur after 20 years.
Total Loan Forgiveness: So if the new payoff estimated above in the mailer is for $ 6,776 then how can this be for a 100 % total loan forgiveness program?
Students who work in low demand fields, such as public service, nursing, or teaching, may be eligible for partial or
total loan forgiveness.
For those that qualify and make on time payments,
total loan forgiveness can occur after 20 years.