New Student Loan Forgiveness Programs Unveiled

The nation’s student loan debt has expanded tremendously over the last decade.

Recent graduates are saddled with student debt, preventing them from saving for retirement and delaying marriage and home ownership.

And the cost of college keeps going up and up each year. According to data from J.P. Morgan, (JPM) college tuition is the fastest growing household expense.

Not surprisingly, student loan default rates have also been steadily rising since 2006 making the rise of student loan debt a high priority even among presidential candidates.

Studies have shown that students who graduate with debt are less likely to start a small business or to purchase a home, and the consequences of defaulting on student loans can prevent a person from ever realizing their goals.

Many states have responded by introducing new aggressive loan forgiveness programs designed to provide debt relief to recent graduates.

“Ensuring students are able pay for college and not saddled with debt is critical for both their individual success and the continued economic growth of New York State,” Governor Cuomo said.

New York Governor Andrew Cuomo announced that the state will begin accepting applications for its new “Get On Your Feet” program on December 31st.

“Ensuring students are able pay for college and not saddled with debt is critical for both their individual success and the continued economic growth of New York State,” Governor Cuomo said. “With this program, we are telling recent graduates: if you invest in New York’s future, we will invest in yours.”

The problem is that the process is for finding the right program is very confusing. Just completing the application can be nerve racking.

“States are highly motivated to reduce the number of student loan defaults, so they create programs to reduce the burden. ” says Joel Pate, CEO of thestudentloanrecoveryplan.com. “The problem is there are too many programs and too much red tape. It makes the approval process much more complicated than it needs to be.”

Utilizing a third party service can help remove the guess work and frustration from the application process. These services match the right plan to each customer based on their individual financial needs.

While some services charge for the initial consultation, the majority of services only charge for a successful reduction in your student loan debt.

To learn more or apply, visit: http://howtofixmycredit.com/studentloans.html

About The Author

Brian Diez

Brian Diez is a nationally recognized credit expert. He has been quoted in the Wall Street Journal, Yahoo Finance, Dow Jones' Market Watch and Credit.com.