Vermont Student Loan Forgiveness

What is Vermont studentstudent loan forgiveness?

Student loan debt in the United States has reached over 16 trillion dollars. In many cases, student loans prevent people from building a better life; making homes and car payments, saving money, paying off credit cards, etc. etc. Because these loans have interestrates of rates of around 4% (comparedto the to the prime rate), they remain financially burdensome to those who carry them. To provide relief to students trying to build a better future, Vermont passed the “Graduation Equity Act” in 2019. This law provides state-funded, low-interest loan forgiveness based on financial need, service obligations, and community commitments. The law applies to undergraduate borrowers who attend public colleges in the state and graduate between 2008 and 2020. Loans that are forgiven under the program are not discharged in bankruptcy.

How Do I Apply?

To apply, current students should visit their college’s website to determine if they meet the eligibility requirements. Students who are eligible for Vermont Student Loan Forgiveness may begin applying online on August 1st, 2020 at vt.gov/studentloanforgiveness/applying/.Students who are eligible for Vermont Student Loan Forgiveness may begin applying online on August 1st, 2020 at vt.gov/studentloanforgiveness/applying/.Students should anticipate receiving notification from the school once their application has been reviewed.

What Are My Eligibility Requirements?

You must be enrolled half time at a public college or university in Vermont to qualify for the program.  You must be enrolled half time at a public college or university in Vermont to qualify for the program.  You must also show proof of enrollment and attendance.

Am I Required to Service MyMy Debt After Graduating?

No. According to the legislation governing the program, borrowers do not have to pay back any portion of the loan while in school. However, they must continue to make monthly payments throughout the repayment period. Borrowers cannot discharge the debt in bankruptcy.

Can I Still Enroll in School While Repaying My Debt?

Yes. As long as you continue to pay your monthly installments, you will not default on your debt and still have access to federal aid programs.

How Much Will My Monthly Payments Be?

The amount varies depending on the type of loan you take out, how much you borrow, and whether the loan was taken out before, during, or after the program’s enactment. The average monthly payment is $50, although some loans require higher monthly payments.

What Is the Repayment Period?

Loans that were taken out before the program’s implementation are paidoff after off after 25 years. Undergraduate loans that were taken out after the program went into effect will be repaid for 10 years.

Vermont Student Loan Forgiveness

Video Transcript

Hi,Hi, my name is Vermont and I am a student at Champlain College in Burlington,Burlington, Vermont. In this video I answer questions about what student loan forgiveness means and if it’sit’s worth pursuing.We also We also talk about how to apply and what to expect from the program.

How do I go about applying?

Students who have federal loans need to contact their servicer and ask about student loan forgiveness. Students can call the loan company they owe money to or any of the credit reporting agencies listed above. If they are willing to participate in income-basedincome-based repayment,repayment, they may qualify for student loan forgiveness.

Student loan debt is not the same as bankruptcy. You lose everything in bankruptcy and have nowherenowhere to turn down the road. But with student loan forgiveness,forgiveness, you keep your assets and future earnings potential.

I signed up without knowing the full extent of what it meant. All I knew was that it would give me more financial breathing room. That is all I wanted.

What should I expect after completing the application?

If you qualify,qualify, you will receive a letter informing you of the outcome of your case. In most cases,cases, you will be approved. My case took less than two months to complete.

You will then enter into a period of enrollment called the Repayment Ready Period. During this time,time, you are still responsible for making payments on your existing loans,loans, but the government makes monthly payments on your behalf while you pay them off. After the RRP ends,ends, your loans are forgiven.

Is there anything else I should know before signing up?

Remember that you have the right to rescind the process at anytime and get your old loans back. There are many factors that play into whether you will qualify,qualify, including your employment status, loan amount, and payment history.

So, once again, thank you for watching and best of luck!So, once again, thank you for watching and best of luck!

Vermont Student Loan Forgiveness

What does Vermont Student Loan Forgiveness offer?

The Vermont Student Assistance Program (VSAP) is a way for people who have student loan debt to forgive some or all of their debt. Eligible borrowers, based on income, may receive up to $10,000 per year for 10 years. VSAP helps those who might not qualify for federal loan forgiveness options due to income, employment status, credit history, etc.

How do I apply?

You can find out if you’re eligible for VSAP by checking the Free Application for Federal Student Aid (FAFSA). After you file, we’ll send you instructions onon how to enroll in VSAP.

What types of loans are included?

Students enrolled at least half-time inin any public school affiliated with a postsecondary institution or private nonprofit educational organization that is approved by the Department of Education may be eligible. Loans taken out after October 1st, 2007 are eligible. Loans issued before July 1st, 2006, are not eligible.

Vermont Student Loan Forgiveness

Vermont Student Loan Forgiveness was developed under Act 75 Chapter 2 Section 1533E in order to reduce the burden on students seeking higher education due to the high interest rates charged by the private student loan industry. Forgiveness applies to certain loans issued before July 1, 2013. Loans forgiven may not necessarily be at least 180 days old. If you have any questions about eligibility,eligibility, please contact us directly.

Email: info@forgivenessvermont.com

Copyright Disclaimer Copyright Disclaimer Under Section 107 of the Copyright Act 1976, allowance is made for “fair use” for purposes such as criticism, comment, news reporting, teaching, scholarship, and research. A fair use is a legally permissible use that would otherwise be infringing.A fair use is a legally permissible use that would otherwise be infringing.”Non-profit,”Non-profit, educational,educational, or personal use tips the balance in favor of fair use.”

Vermont Student Loan Forgiveness

What is Vermont Student Loan Forgiveness?

VSLF applies to any federal student loan that was taken out after 2010 and closed before October 11, 2018. If you have financial hardships and meet certain requirements, you may qualify for VSLF benefits.

How does VSLF work?

If you meet the requirements listed below, you may be eligible for VSLF benefits:

-You’ve been enrolled in school and working at least 30 hours per week (for full-time students).students).

YourYour loans were discharged under bankruptcy law.law.

-You cannot afford payments and are enrolled in repayment or income contingent repayment plans.plans.

-You’re not behind on your debts and have made a payment arrangement with your lender OR if you have already repaid more than what is due

Who is eligiblefor the for the VSLF?

Anyone who meets the qualifications above is eligible for VSLI benefits. You do not need to apply directly to the Department of Financial Regulation. However, we recommend that you contact us first via our hotline to determine eligibility. We aim to respond to all inquiries within 5 business days.

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