student loan forgiveness

• Question:-Can there be student loan forgiveness for moms who decide to stay home to raise their children?
  There is student loan forgiveness for people who do volunteer work or for teachers who teach low-income children, so why not for moms who have no income of their own, and choose the non-paying job of raising children?
  
  Answer:-Would this apply to all stay at home moms? Im a stay at home mom with no income of my own. Would i qualify? Now my husband has an income. He makes just over $112k a year from a trust fund. He owns 4 income properties. He recieves another $75k from disability insurance (private insurance NOT SSI) at the moment. Would i still qualify? Im still a stay at home mom with no income of my own. This is one major problem with the idea of loan forgiveness for stay at home moms. It would be ridiculous to allow someone with my household income to not pay a loan. And this isnt even touching the fact that all of us have the option of working or staying home. For those of us who choose to stay home we still have to be responsible to our debts. If we give special treatment based on being a stay at home mom we do a HUGE disservice to the working moms who struggle with bills. If anyone should be given debt forgiveness it should be people like Johnny's Mommy who work damn hard outside the home and struggle with bills because of a father who doesn't pay regular support or not enough, plus raise a good child after work. Those of us blessed enough to be able to stay home don't deserve more breaks in life while good people like that struggle.
• Question:-Is there any sort of student loan forgiveness program for newly graduated teachers who can't get jobs?
  I recently graduated from college with a degree in elementary education. Because of the economy and cuts in education I have been unable to find a teaching job. As a backup plan I am subbing at some local schools. This however, isn't consistent enough, or enough money to pay my loans. Does anyone know of some sort of student loan forgiveness program in the state of Alabama that could help?
  
  Answer:-
• Question:-How could I achieve student loan forgiveness?
  I am graduating with a master's degree in civil engineering in May 09 and I owe $50,000 in student loans. They are all Federal Staford loans; half unsubsidized and half subsidized. I've seen partial loan forgiveness programs for the state of Missouri. However, I live in Texas so this doesn't help my situation at all. Any thoughts (excluding loan consolidation)?
  
  Answer:-I forgive you
• Question:-Working for a non-profit community college, at any capacity, qualify for student loan forgiveness?
  I recently found out about student loan forgiveness and some of requirements. I work at a community college, but, not as a teacher. Would that qualify me for loan forgiveness?
  
  Answer:-yes. possible. write in
• Question:-Where can I find some information on the new student loan forgiveness program?
  My fiance and I are buying a house but she has a TON of student debt (roughly $118k) which is getting in our way. She makes practically nothing as a social worker, and I've read that the new program gives forgiveness to teachers, civil service workers, and possibly social workers.
  
  Do you know where I could find more specifics on this? Anything would be helpful. Thanks!
  
  Answer:-Department of Education has very specific rules for their student loan forgiveness policies for those who work in public service. Page 47 of this book describes the details of having loans forgiven. Note: these are for FEDERAL loans only. If she has private student loans (or she consolidated loans after graduation, she may not qualify.)
  http://studentaid.ed.gov/students/attach... (page 47)
  
  What is a public service job?
  Eligible public service jobs are full-time jobs in the following fields:
  • Emergency management
  • Government
  • Military service
  • Public safety
  • Law enforcement
  • Public health
  • Public education (including early childhood education)
  • Social work in a public child or family service agency
  • Public child care
  • Public service for individuals with disabilities
  • Public interest law services (including prosecution or public defense or legal advocacy in low income communities at a nonprofit organization)
  • Public service for the elderly
  • Public library sciences
  • School-based library sciences and other school-based services
  • Certain tax-exempt organizations
  • Faculty teaching in high-needs areas, as determined by the Secretary
  • Full-time faculty member at a Tribal College or University
  
  Note: A borrower who pays only, or primarily, under a 10-year standard repayment plan or under another repayment plan in amounts consistent with a 10-year standard repayment is UNLIKELY TO HAVE A REMAINING BALANCE for loan forgiveness after making 120 payments on the loan.
  
  (This is why no one ever really qualifies, they passed the law, but if the person actually pays on it for 10 years, they pay the loan off!!!!) Stupid, worthless benefit that looks good on paper but never gets used unless someone takes a job working for minimum wage after they earn their degree.
  
  How do I qualify for this loan forgiveness?
  To be eligible to have remaining balances canceled, you must not be in default on the eligible loans and must have made 120 monthly payments on the eligible loan(s) beginning after Oct. 1, 2007. Earlier payments do not count toward meeting this requirement. Payments must have been made under any one or a combination of the following Direct Loan Program repayment plans.
  
  • Standard Repayment Plan with a 10-year repayment period.
  • Income-Contingent Repayment (ICR) Plan—not available to parent Direct PLUS loan borrowers.
  • Income-Based Repayment (IBR) Plan—not available to parent Direct PLUS loan borrowers.
  • Other Direct Loan repayment plans, but only payments that are at least equal to the amount that would be required under the 10-year Standard Repayment Plan may be counted toward the required 120 payments.
• Question:-I am looking for ways to get Student Loan Forgiveness Do you know how?
  I have seen programs in the past where if you Teach for a year x amount of your student loan would be erased (paid off). I have also seen a program with the state department. Does anyone know of any other programs?
  
  Answer:-Here's one of the best kept student loan repayment secrets and employment benefits -- many employers will help pay off student loans as part of an employment incentive contract. Indeed, numerous employers, such as state agencies, colleges, hospitals, law firms, and law enforcement agencies in needy locations, provide student loan repayment standard salaries and benefits.
  
  Most of the 'forgiveness' programs are actually payment options. Certain jobs, teachers for example, will reduce, but not eliminate the loan, or give you more time before the payment comes due. Lots of places advertise 'student loan forgiveness' but they are high interest loan companies that get the government off your back by paying your loan and then you have a lower payment, but you will pay back 3 times as much after interest rates.
  
  Best way is to find a low cost loan and pay it off.
  
  Speaking from experience, they DO NOT forget or give up. They got me years later. To be honest, I had forgotten about it, but I still had to pay up after all those years.
  
  You can stay in school full time and then the due date is extended until you are out of course.
• Question:-How does a military vet Find student loan forgiveness programs, or grants.?
  I've got an old student loan that i just cant afford to pay of, the lender keeps changing
  
  Answer:-As far as I know there is no program for Vets. The only thing you can dispute is if your military service interfered with the completition of the class. You should be able to set up a payments plan.
• Question:-Does anyone have a list of school districts that offer student loan forgiveness?
  I am looking for a list of any school districts that may be available on a website that you might know of that offer student loan forgiveness if you teach there for a certain amount of time.
  
  Answer:-Contact your student loan lender, they will know or point you to where you can look it up.
• Question:-student loan forgiveness and government plant does it exist or not?
  I heard a few weeks ago about a government plan to forgive student loan debt (U.S.) by teaching in a foreign country or something like that? is this plan in existence or is there something like it? ty.
  
  Answer:-They allows people working in qualifying jobs to have federal loans forgiven if the borrowers are unable to repay their debt in 10 years of regular payments. Once you've made those 120 payments while employed in the right job, the remaining interest and principal are forgiven.
• Question:-What would the impact be on the economy if there was loan forgiveness on all outstanding student loans?
  What would the impact be on the economy if there was loan forgiveness on all outstanding student loans? Especially now during the financial crisis.
  
  Answer:-

home affordable refinance program

• Question:-Can we be able to qualify for the Home Affordable Refinance Program?
  My wife and i are both in college, and we have a house that we are renting out in another state, we only make 1460 between ourselves each month, and we get 1485 for the renting of the house. Our mortgage payment is 1900. the loan is an interest only loan at 6.525% with 27 years left. Our loan is owned by Fannie Mae. Is there any reason that we wouldn't qualify for HARP?
  
  Answer:-So you're a couple people in college and you buy an expensive home on credit that you can't afford....
  
  As someone who's taken a large hit due to the home bubble, and is paying the taxes to subsidize the people who can't or won't take the hit themselves, I'm not too happy about it.
  
  You're still paying your bills though, so I give you respect for that.
  
  Anyway, to give you a serious answer... I bet you could qualify. And you should definitely do it as it will make your mortgage situation much better. And I'd rather you do that than default and cause even more problems for everybody else. The catch is that it may be considered an investment property, but I bet it can still be qualified.
• Question:-home affordable refinance program vs home affordable modification program?
  what is the difference between the two?
  
  Answer:-Q: I believe there was a material error in your recent article concerning President Obama's Making Home Affordable Program.
  
  First, eligibility for a HAMP loan does not depend on the loan being owned or serviced by Fannie Mae or Freddie Mac. For loans that are so owned there are some separate additional programs under HAMP such as the ability to refinance underwater loans.
  
  Moreover, Fannie and Freddie are agents for Treasury to help Treasury administer the HAMP Program. But HAMP in large measure initially was designed to address non-conforming conventional loans, such as subprime loans. Second, the eligible loan amount is $729,750, not $417,000 as you wrote.
  
  A: Thank you for writing. The column in question did contain those errors (thanks for setting the record straight). But there’s more to the story, so let’s start at the top.
  
  President Obama’s Making Home Affordable Program generally permits certain borrowers to work with their lenders to either obtain a loan modification or to refinance their loan. Effectively, there are two programs, which can make it confusing for homeowners.
  
  Making Home Affordable Loan Modification
  
  Of the 4 million homeowners that President Obama predicted would be eligible to have their mortgages modified, about one million homeowners have received temporary loan modifications, but just 116,000 (as of January, 2010) have received permanent modifications.
  
  If a borrower decides to go down the loan modification path, the borrower has to meet certain financial criteria, including whether the home is the borrower’s primary residence; whether the first mortgage on the home is equal to or less than $729,750; whether the homeowner is having trouble paying the mortgage; whether the current mortgage was obtained before January 1, 2009; and, whether the amount you pay on your first mortgage, including, principal, interest, taxes insurance and homeowner’s association dues, is more than 31 percent of your current gross income.
• Question:-Home Affordable Refinance Program late requirements?
  According to the guidelines the HARP program doesn't allow a 30 day late in the last 12 months. I had a 30 day late in August 2010. Just for clarification, does that mean I can qualify for the program next month (September)?
  
  Answer:-It is up to the bank. I am surprised they disqualified you on that alone.
• Question:-Refinance under Obama home affordable program?
  We just got a letter from our lender (Wells Fargo) letting us know that occupancy must remain the same as when loan was first originated, which was primary residence.We lived there for 3 years and after that we had to move there my father in law.We live somewhere else.We are paying for everything as he doesn't have sufficient income to support himself.Are we still eligible?
  
  Answer:-
• Question:-Is is true that if you have PMI that you cannot refinance under the Making Home Affordable program?
  i was told my Wells Fargo whom i currently have my home loan with and when i asked them about the program they said that i did not qualify because i have private mortgage insurance.
  
  Answer:-yes, it's true. you can still refinance, but not under the new higher loan to values w/out PMI program.
• Question:-Making Homes Affordable Refinance Program?
  I need some clarification on this program. I am not in any hardship, but I do have a Fannie Mae loan. Currently, I am in a 5-year ARM and it is up in May of 2010. My rate is 5.375% and it would go down to approximately 5.1%.
  
  Today I finally got somewhere with my lender CitiMortgage. We started to look at the refinance option and I would have $4,600 rolled over into my existing loan for closing costs and $460 out of my pocket for an application fee which includes an appraisal. My payment would be only be $12 lower per month, but my rate would be locked.
  
  For some reason the numbers don't add up to me. The closing costs and fees seem to high. Am I missing something with this program?
  
  Answer:-First, I can't tell if $4,600 is high without knowing how much your mortgage is worth. On a refinance there are still significant transaction costs.
  
  You need to get a "good faith estimate" from the lender. When you look at it, figure out which costs are "fixed" - i.e. charges by your state for recording a mortgage, costs for pre-paid taxes and insurance (should be low on a re-fi as most of that stuff is already escrowed hopefully).
  
  Then, figure out how much of the "cost" is fees and/or padding. A "fair" fee is somplace between 1% and 3% of the total amount of your loan. So if your loan is for $100,000 then the lender might charge you between 1,000 and 3,000 as a "fee" - sometimes they say their fee is lower or non-existent - but, trust me, they are getting their fee some way - they may be calling a discount point or service release premium or something - but they are getting it.
  
  Short story made long - pour over that settlement statement (also known as a HUD-1) and ask questions questions questions about ANYTHING you don't understand. If your lender balks at your questions, walk away.
  
  Second, I would shop around before settling on CitiMortgage - just because they are your current lender does not mean that they will necessarily give you the best rate.
  
  One thing to try is to go with an up-front lender like Amerisave that shows you guaranteed costs and fees breakdown long before the actual refinance.
  
  Finally, the Making Homes Affordable Refinance Program has nothing to do with closing costs. It is all about negotiating with lenders over principal and interest. There are lenders out there making a KILLING off the fees in these things. That is why you need to GRILL your loan officer.
• Question:-can I refinance with other bank under the Home Affordable program?
  
  
  Answer:-You can try, but remember no bank, including yours, is obligated to do anything for you. They only receive small incentives from the Feds under this program IF they decided to help you. I would contact as many banks as you can until you get someone willing to refi you!
• Question:-With the Making Home Affordable program,can I be denied loan modification if I already refinanced last year?
  Only about 8 months ago Bank of America solicited me and offered to refinance my mortgage with the government "Making Home Affordable" program. I was struggling and it made perfect sense so I did it. Now things have gotten even worse for me and I've been working with a credit councilor to try to avoid bankruptcy. He suggested that I call the HUD and ask them about a loan modification. I spoke quickly with someone today, not an actual HUD councilor, that said that because I already refinanced with the program, that I'm not eligible to do a loan modification through it. Is this true!? If so, what options do I have? Can I get a loan modification without the government program? The credit councilor said that my housing costs should be about 30% of my income, and right now mine are 61%. I have absolutely no savings so I have to assume that I'm qualified for a modification.
  
  Answer:-No, you are not qualified, if you are at 61% a modification would not help you. You are already at the program interest anyway, the bank can not lower it enough to make a difference.
• Question:-If I quit my job, would I qualify for Obama's Making Home Affordable mortgage refinancing program?
  If I quit my job, would I be able to qualify for the program since I would have less than 31% of my monthly income and be unable to pay for my monthly mortgage paymentgs? The program is unclear on what a hardship is, and if you have to be laid off or fired. What prevents people from just quitting their job to qualify for the program, then get another one once they are accepted and put on the plan?
  Note - This is what I'm trying to confirm if its true or not "Plus, if you quit your job, your lender isn't going to modify your loan because your hardship is your own fault"
  
  Answer:-That is not at all how the program works, you can not quit then qualify, nor could you quit, qualify for the trial (yes it's trial only, then if all goes well for 6-12 months it's permenant) but you couldn't get another job then suddenly be ok because your modification is based on your income, more income = less of a modification or no modification at all..
  In fact, there was a story published 2 days ago that the program is failing and often costing families MORE money. They struggle to meet the requirements, they'll pay on time by dipping into their savings only to find themselves out of their savings and out of their home because they failed to meet their trial period guidelines, in other words, they go broke before the trial period is up... So what's happening is instead of these families just letting their homes go, they're struggling to stay afloat only to be foreclosed on anyway after using up all their savings to pay their mortgage. So now not only are they out a home, but also out money they could've used to put towards a new place to live or debts or attempted to keep their homes w/o using that very strict program..
• Question:-How am I supposed to take advantage of the Making Home Affordable or HUD Under Water Refinance program?
  If my lender has opted "not to participate"... it doesn't make sense! No wonder why no one has taken advantage of these programs... they clearly state that the 1st lien holder must be in agreement to reduce the principal or lower the interest rate. Requirements to qualify, you can't be behind on any payments, your credit has to be good, and you have to be able to "afford" the new payments. All which apply to my situation... I just can't get a refinance because of the economy and housing decline.
  
  So yeaha right... like my credit union is going to take the hit just because I want to pay less??? Someone please tell me there's a way to do this... or the system is more f-ed up than I thought....
  
  Answer:-For the Making home afordable program You may be eligible to apply if you meet all of the following:
  
  You have a mortgage owned or guaranteed by Fannie Mae or Freddie Mac.
  You do not have an FHA, VA or USDA loan.
  You are current on your mortgage payments and have not been more than 30 days late making a payment over the last year.
  Have a first mortgage not exceeding 125 percent of the current market value of your home.
  The refinance will improve the long-term affordability or stability of your mortgage.
  You have the ability to make the new payments.
  *Eligibility criteria are for guidance only. Contact your mortgage servicer to see if you qualify for HARP.
  The HARP program is offered by many servicers. Homeowners should check with their mortgage servicer (the company to which homeowners make their mortgage payments) to determine if they are participating in HARP. If their mortgage servicer is not participating, the homeowner may contact other lenders that participate in HARP to determine if they are eligible for a refinance.
  
  Other company can help just call aroung if you meet the requirements.