Commercial Loans | Trucks, Trailers and Equipment

The Student Loan Forgiveness Program Is Officially Open for Applications

Student loan default is one of the many credit problems we see when we look at a client’s credit situation in pursuit of the perfect commercial loan.

Other issues lenders don’t like to see:

  • Credit card mismanagement
  • Home or auto loan default
  • Bankruptcy
  • Child support payment problems
  • Renting, and not owning a home or land
  • Pay day advance loans

It’s a credo around here, but bad credit is temporary and can be repaired with a plan and discipline. And whether there are three credit issues on a report or one little one — each problem should be addressed.

If student loans are an issue then yesterday’s launch of the Federal Student Loan Debt Relief Program is worth a look.

Here are the details of the program:

What Is Federal Student Loan Debt Relief?
It’s a program that provides eligible borrowers with full or partial discharge of loans up to $20,000 to Federal Pell Grant recipients and up to $10,000 to non-Pell Grant recipients.

Who Qualifies?
Individuals who made less than $125,000 in 2021 or 2020
Families that made less than $250,000 in 2021 or 2020
If you filed federal taxes, your income requirements are based on your adjusted gross income (AGI), which tends to be lower than your total income. Your AGI can be found on line 11 of the IRS Form 1040.

How It Works
Apply today (but no later than Dec. 31, 2023). We’ll determine your eligibility and will contact you if we need more information. Your loan servicer will notify you when your relief has been processed.

Apply here: https://studentaid.gov/debt-relief/application

If you have credit repair questions — we’re here to help and can help you put together a plan to rite the ship.

Give us a call and let’s get started.