1845-0120 5/31/ Form

1845-0120 5/31/2020 Form: What You Should Know

OMB May 1, 2 May 1, 2024 — Revised Form: Oct 3, 2024 — Download the Revised Loan Rehabilitation Income information form to get a lower monthly payment for defaulted federal student loans. (If you want to know whether your former school is in default of federal student aid and, if not, for how long the default rate of public student loans will stay high, the following resources will help) Do-it-yourself tool: This article discusses the status of the loan forgiveness legislation (called the Borrower Relief Act) passed by the U.S. Congress on July 8, 2016. Federal Student Aid is currently accepting applications to have your loan forgiven and your remaining obligations paid, effective August 18, 2017. After reviewing this information note, you may want to consider an income based repayment option (IRP) or other form of loan forgiveness. These options could mean having your remaining balance forgiven by Federal Student Aid. If you need to file your loan for any reason, it is a good idea to: Read your loan services (borrower creditors) for information about their policies and procedures regarding the forgiveness of federal student loans. If you have any questions about your repayment options, the Borrower Relief Act, or what is happening with your debt, feel free to contact us at Please include the letter below. Letter to Re possessors Regarding the Loan Forgiveness Program (1) Please be advised that in the event of default (i.e., a monthly payment obligation of 0 or more that is past due on or after July 18, 2016) on any qualifying federal student loan, the holder of that loan will not have to remit any payments in order to receive forgiveness, loan forgiveness, or forgiveness of a portion of the student loan's remaining balance, as provided pursuant to 34 U.S.C. 3059(b) and (c)(1) (i.e., a loan holder must make an annual payment to receive a total forgiveness guarantee).

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