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Are you struggling to pay off your student loan in Chicago? At DebtPros, our student loan attorney has helped thousands of students like you in Chicago navigate the complex world of student loan payments. Call us today if you’re facing a similar situation and want to clear your debt.
DebtPros is a debt relief agency. Our Chicago student loan debt attorney can assist you in limiting and eliminating your student loan debt.
Your relief options depend on the following type of student loan you have:
Private loans do not include significant relief because you only have the option to negotiate repayment terms with your lender. However, there are many options to get federal student loans forgiven. The option that favors you most and applies to your situation depends on the following specifics:
The Higher Education Act provides many relief solutions to federal student loan debt, and there are four types of student loan forgiveness programs available:
It’s a good option if you cannot afford monthly installments under the 10-year standard repayment plan. This program will reduce your monthly installments and make them more manageable depending on your income and family size.
Your repayment period will extend to 20 or 25 years. But, the great news is that any remaining balance will be completely forgiven after this period.
There are different types of income-driven repayment plans to choose from:
As student loan debt has surpassed $1.75 trillion in the US and continues to rise, the Biden administration introduced a new saving plan last year. It reduces your monthly payments significantly compared to other income-driven repayment plans. In some cases, borrowers qualify for $0 monthly payments.
For example, even if your yearly income is $40,000 and you have two children, you may still qualify for a $0 monthly payment to the student loan servicer.
The Perkins Loans were last issued in 2018. You may be eligible for cancellation of your loan partially or fully if you have a Perkins loan and have worked in the public sector for a specific period. The period varies depending on your employment position, but it’s five years in most professions.
Below are some examples of professions that qualify for the entire Perkins loan cancellation:
Some borrowers may be eligible for loan forgiveness if they:
If you are enrolled in any income-driven repayment forgiveness plans mentioned above and making monthly installments, it would also count in 120 monthly installments.
Under this scheme, you may be eligible for $17,500 in loan forgiveness if you’re a teacher. However, you have to meet the below criteria:
There are many circumstances in which student loans can be discharged, such as:
The average student in Illinois owes $37,233 in student loan debt but often doesn’t have a repayment strategy.
It takes extensive experience and a thorough understanding of the ever-changing Chicago student loan laws to formulate a plan to tackle student loan debt and safeguard your financial future in the long run.
DebtPros has this experience and has been helping Chicago students live debt-free lives for many years, whether it’s student loans, credit card debt, or long medical bills. Furthermore, unlike other giant law firms, our founder, John Wonais, understands students’ struggles and tries to provide as much support as possible throughout the procedure:
John took me on as a client with no problem. He was very understanding, passionate, helpful, and available every step of the way. Trust me I am a very happy client, I definitely recommend John. – Jessica.
Schedule a free consultation and discuss your situation with us today. Our Chicago student loan lawyer can help you take control of your finances for a debt-free future.