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Disclaimer:  Dr. Yulonda Thornton Griffin. Ph.D., “Dr. G., The Money Coach” is not a financial analyst, nor a stock broker.  She is a financial literacy coach.  Dr. G. teaches economic global history, financial systems, and presents traditional and alternative strategies based on formal education and personal experience.  Dr. G.  nor  her affiliates makes no promises to anyone; whether readers of her books, listeners of her tapes, CDs, videos, tv and radio shows, or viewers of her website and or social media outlets that implementation of her strategies will result in realizing financial earnings and gains, or prevention of loss of financial earnings or gains.  Please note that the content within the materials created by Dr. G. are exclusively for informational purposes.

Student Loan Assistance Programs

Here are a few program descriptions:

Public Service Loan Forgiveness (PSLF)

The PSLF program is for working people who are employed by public service programs.  Not all programs are qualified.  After 120 payments, you may qualify for student loan forgiveness. The loan payments must be through a qualifying repayment plan.  Plans that qualify include: Federal, State and local 501c3 programs; note, religious programs do not qualify for the PSLF program unless the nonprofit is a religious Community Development Corporation (CDC).  In addition, the religious CDC purpose must be directed towards social issues within the community of its direct location.   All direct loans qualify for the PSLF forgiveness program; all other loans must be consolidated first.  Start the SLACInc. Process

Income Base Repayment Program (IBR)

The IBR program is based on income and takes 10-15% of total income as payment towards your student loans. After you have made 20-25 years of consistent payments, the loan is forgiven.  Note: loans forgiven under this program are taxed as income.  Start the SLACInc. Process

Revised Pay As You Earn (REPAYE)

REPAYE is similar to Pay As You Earn. Under this plan, payments are capped at 10% of your discretionary income.  In other words, the 10% is the amount of payment that will go towards your student loan.  Undergraduate loans are forgiven after 20 years. Graduate school loans are forgiven after 25 years.  Generally, everyone qualifies. 

Start the SLACInc. Process

Income-contingent Repayment (ICR)

 ICR will adjust your monthly payments according to your income, similar to the Pay As You Go program. There are two options:

a.       pay 20% of your discretionary income, or

b.      pay on a fixed 12-year plan, whichever is less.

The advantage of the ICR program includes Parent Plus Loans.  *Start the SLAC Inc. Process

Federal Perkins Loan 

 ICR will adjust your monthly payments according to your income, similar to the Pay As You Go program. There are two options:

a.       pay 20% of your discretionary income, or

b.      pay on a fixed 12-year plan, whichever is less.

The advantage of the ICR program includes Parent Plus Loans.  *Start the SLAC Inc. Process

Teacher Loan Forgiveness

Teacher Loan Forgiveness is a national loan forgiveness program that helps teachers’ pay back their student loans. You must be employed by a qualifying school for at least five consecutive years. Your loans must be in default, and not received before 1998.   *Start the SLACInc. Process

*SLAC is a for-profit business that for a fee assists in compiling, preparing and processing paperwork for people seeking consolidation, restructuring and/or forgiveness of their federal student loans through the U.S. Department of Education’s (“DOE”) programs. · SLAC is not affiliated with and has no special relationship with the DOE or any other academic or governmental entity. · This site and is not affiliated with or endorsed by the DOE, and the content or any information posted on this site is not endorsed by and does not reflect the views of the DOE. · You can apply for loan consolidation or alternative repayment programs on your own without paid assistance through the DOE at Studentloans.gov. SLAC is not a loan servicer and does not renegotiate, settle, or in any way alter the terms of any payment or debt.