I graduated in 1998 form medical school. I have been making my school loan payments every month on a 30 year fix for 750.00 per month. I will have this loan paid off by year 2034. I was informed 3 months ago of a Federal loan forgiveness program for people who work in the public health field. If one works in the public sector providing care for the underserved then after 10 years of monthly payments you loan will be forgiven. I filled out the 1 page form to see if i qualified for this program. Two months later I received a letter my debt servicer will be changed and now I my monthly payments will be increased 500 more a month to 1250.00 per months. I never gave permission for this transfer of debt transfer and to have a a new debt service. I never gave permission to have my terms of my loan changed from a 30 year to a 20 year fix. I never gave permission to increase my rates from 750.00 a month to 1250 per month. Now i cant pay my student loan monthly bill. I called many times and they told me i do not qualify for their program for loan forgiveness and there is no way to reverse my loan to the way it use to be. I am very disappointed in this service and because of my increase payments i may not be able to pay my home mortgage.
My concern is how many other people will be duped in this program? Is this a legitimate government agency or is this a private company that accelerates student loan payments making a profit?
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