Frequently Asked Questions (FAQ)

Officially, Credit Reports reflect changes 90 to 120 days after the Department of Education’s approval:

  1. ALL Individual Federal Student Loans will show a ZERO BALANCE OWED & PAID IN FULL.​
  2. There will be ONE NEW Loan with the Department of Education showing the total amount of debt owed and a new ​lower monthly payment.​

What will not occur during the Student Loan Forgiveness Process that would hinder a mortgage approval:

No 30-Day Late Payments ​
No Settled Accounts​
No Disputed Items​

A client's monthly payment is determined by the Department of Education based on the client's current income and household size. 

My Education Solutions will administer the client's program in a way that results in the lowest monthly payment possible and a highest chance of mortgage qualification with regard to the fully amortized loan.

A client's student loan interest rate is determined as the average of all interest rates for the client's active Federal Student Loans.