Forgiveness isn’t just for people who have made terrible mistakes. Sallie Mae student loan forgiveness is a program that allows you to have your student loans forgiven if you meet certain qualifications. This can be a big help to struggling people, especially if they take out additional loans through Sallie Mae or another company with poor rates and high fees. Here’s what you need to know about this program:
What Is Sallie Mae Loan Forgiveness?
Sallie Mae loan forgiveness is a program that allows you to get rid of your student loans. The Sallie Mae loan forgiveness program is available to people who are employed in public service jobs. For example, if you work for the police department or a fire department, this could qualify as an eligible position that qualifies for Sallie Mae loan forgiveness.
“Sallie Mae may require a “good faith payment” to go into forbearance,” as per SoFi professionals.
Who qualifies for Sallie Mae forgiveness?
To be eligible for Sallie Mae loan forgiveness, you must have a qualifying loan. A qualifying employer must also employ you. This is the only way to receive this benefit through Sallie Mae.
If you qualify for the benefit, you will need to make 120 monthly payments on your student loans before being able to apply for loan forgiveness from Sallie Mae. Also, once your application has been approved and your loans are forgiven, you must continue making payments for as long as possible until all of your loans are paid off in full.
How to apply for Sallie Mae loan forgiveness
To apply for Sallie Mae loan forgiveness, you must ensure your loans are eligible. The Department of Education maintains a database of what is considered eligible and what isn’t. If it’s not on the list, then you have no reason to worry about applying with them.
The next step is to contact the company directly through its website. It will bring up a form where you can fill out all relevant information about your financial situation and what options would be best for helping alleviate some of that debt burden off of your shoulders.
What if you’re denied loan forgiveness?
If you’re denied loan forgiveness, there are several things to know. First off, you can appeal the decision if you believe that it was incorrect. The appeal process is free and takes place online via a form on the Department of Education website.
If this doesn’t work for you and your loan balance is high enough, or if your income is low enough for some reason (such as being unemployed), then Sallie Mae may offer loan forgiveness on an individual basis without having to apply through any official channels. If this happens, then contact them directly by phone or email with proof of income and other information regarding why they should consider forgiving your debt at their discretion.
You can reapply for forgiveness if you meet the eligibility requirements and are denied. Remember that it may take a few months or even years before your application is processed. If your application is denied again, you can ask for another review from Sallie Mae or appeal the decision. You may also want to consider contacting an attorney if there’s been an error or miscommunication on their part as well as yours.
