Get On Your Feet Loan Forgiveness Program: What You Need To Know In 2023
Get on Your Feet Loan Forgiveness Program: What You Need to Know in 2023
What Is the Get on Your Feet Loan Forgiveness Program?
The Get on Your Feet Loan Forgiveness Program, also known as the Get on Your Feet Grant Program, is a federal program that provides loan forgiveness for certain types of student loan debt. This program was created in 2015, and provides up to 24 months of loan repayment assistance to those who qualify. The program is designed to help recent graduates who are struggling with student loan debt and unable to make their loan payments.
Who Is Eligible for Get on Your Feet Loan Forgiveness?
To be eligible for the Get on Your Feet Loan Forgiveness Program, you must meet the following criteria:
- You must have graduated from a U.S. college or university within the last two years.
- You must be making payments on your student loan debt.
- Your student loan debt must be at least equal to the amount of your discretionary income.
- You must be able to demonstrate a financial need for the loan forgiveness.
What Types of Loans Are Eligible for Get on Your Feet Loan Forgiveness?
The Get on Your Feet Loan Forgiveness Program is only available for certain types of student loan debt. These loans include:
- Federal Direct Loans
- Federal Perkins Loans
- Federal Family Education Loans
- Federal Direct Consolidation Loans
How Does the Get on Your Feet Loan Forgiveness Program Work?
Once you have been approved for the Get on Your Feet Loan Forgiveness Program, you will receive a monthly loan repayment assistance payment. This payment will be applied directly to your student loan debt, and will cover up to 24 months of payments. After the 24 month period is over, any remaining loan balance will be forgiven.
What Are the Benefits of the Get on Your Feet Loan Forgiveness Program?
The Get on Your Feet Loan Forgiveness Program provides several benefits to those who qualify. These benefits include:
- The ability to reduce or eliminate loan payments for up to 24 months.
- The potential to have your remaining loan balance forgiven after the 24 month period is over.
- The ability to make payments on your loans without accruing any interest.
- The potential to receive additional financial aid if you are still struggling to make payments after the 24 month period is over.
How Do I Apply for the Get on Your Feet Loan Forgiveness Program?
If you believe you may be eligible for the Get on Your Feet Loan Forgiveness Program, you can apply online or in person at a U.S. Department of Education office. When applying, you will need to provide documentation of your income, expenses, and student loan debt. If you are approved for the program, you will receive a monthly loan repayment assistance payment that will be applied directly to your student loan debt.
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