Michigan students that have past due student loans and are having difficult managing their payments along with other living expenses may qualify for the various types of loan forgiveness and loan assistance programs that are available in the state or Michigan. Call Freedom Loan Resolution today at 888-780-6225 to discuss your options with our expert student debt counselors.

Student Loan Forgiveness

Student loan forgiveness programs that are available to students offer a couple of options to borrowers, depending on what you qualify for. In student loan forgiveness, options available to borrowers are principal reduction, loan forgiveness or a complete loan discharge. Each case is different and our student debt counselors in Michigan can help guide you through loan forgiveness process.

We will review your financial situation to determine which type of student loan forgiveness plan, if any, you are eligible for. We understand the situation you are in is stressful and are here to help guide you through the application and submission process so you can correctly apply for the best loan forgiveness program suited to your financial situation.

Income Based Payment Plans

Another option available to borrowers with past due student loans that are struggling to make ends meet is being put on an income based payment plan. Like it sounds, an income based payment plan is a payment plan to repay your student loans based on both your income and family size.

In the best of circumstances, dependent on your income and family size, your payment each month to repay your student loans could be calculated at $0.00 per month. Each case is different and our Michigan student debt counselors will review your financial situation to see if an income based payment plan is right for your financial needs.

Federal Student Loan Consolidation

Students that are looking for a better way to manage their student loan repayment may consider applying for federal student loan consolidation. In this type of assistance program, your loans are not discharged, but rather all of your student loans are organized into one monthly payment, from one lender, with one payment that you can afford.

This is a great option for students in Michigan that are looking to get on the right track towards paying down or paying off their student loans but were struggling to manage their money with all the different loan repayments on top of their other living expenses.

When you are ready to take control of your financial situation, let us help you apply for various loan assistance or forgiveness programs so you can get on the right track towards a better and brighter financial future. Give Freedom Loan Resolution a call today and speak with our student debt counselors at 888-780-6225.