President Obama has implemented many relief programs during his tenure as President of the United States. We’ll take a brief look at a few of them so you can determine if there is something that you can benefit from.
It doesn’t seem to matter. Whether you are a student, a homeowner or simply a resident of the U.S at one time or another relief may be needed in order to continue to function and contribute to your household or community.
Health Care and Reconciliation Act
The Student Loan Forgiveness Program is part of the Health Care and Reconciliation Act. The relief programs offered under this act are for federal student loans only. Loans from private sectors do not qualify for relief.
Student Loan Forgiveness
One of the best known and most popular programs is the Student Loan Forgiveness Program. There are many variations to this program from a standard repayment, to a graduated repayment and even a repayment of $0 per month. There are other programs available as well as an interest forgiveness program worth looking into.
Making Home Affordable Programs
Obama has implemented several programs in order to make decent housing affordable to many. Those that have mortgages secured by Fannie Mae or Freddie Mac are eligible to take advantage of any of these relief programs.
Home Refinance Relief
Another program that has brought much relief to many is the home refinance program referred to as HARP. This program helps individuals in need to lower their mortgage payment especially if they are “upside down” in their mortgage.
Home Affordable Modification Program
Another affordable program that brings relief to homeowners is the Home Affordable Modification Program (HAMP). This program is designed to make your housing payment more affordable by adjusting or reducing your interest rate. Many homeowners have saved as much as $500 a month by taking advantage of this program. This is nice if you’re looking to save money.
Obama Debt Relief Program
This program is aimed at individuals who are suffering from overwhelming debt. It is not a forgiveness of all debt but is designed to assist you in determining the steps you can take to get relief and find your way out of your financial troubles. This is a nice program as it actually teaches individuals how to budget their money.
Medical Debt Relief Act
The Medical Debt Relief Act was passed in 2015. It doesn’t mean that you get all of your medical debt forgiven but it does prevent unpaid medical debt from showing up on your credit report which would prevent you from receiving credit for necessary purchases. Certain conditions apply to this act that will bring relief to many.
As you may be aware, the federal government has relief programs available to victims of natural disasters. One such program is for tax relief. This program extends the deadline for filing taxes and even making payments or estimated payments. It applies to individuals as well as businesses and corporations that have been affected by a natural disaster designated as a disaster area by the federal government.