What You Need to Know About Student Loan Forgiveness
Majority of college students are left with no other choice but to apply for a loan in order to secure their future. Yes, this seems like a good plan, however, how will you pay for your debts if you end up getting a low-paying job? If you are having a hard time paying for your remaining student debts, then you have to take advantage of the student loan forgiveness program. The goal of this program is to help those people working in the public service sector by “forgiving” their remaining debts. The congress passed this act 10 years ago. Although it is a fact that this program has strict stipulations and conditions, this is still very helpful to those who have a low-paying job. If the type of student loan you have are Federal Direct Plus loans, Federal Direct Consolidation loans, and even Federal Direct Stafford loans, then you are eligible for this said program.
If you are holding a public service job and you have successfully paid 120 times for any of the loans mentioned earlier in this article, then you can apply for the student loan forgiveness program. Being part of the police force, military, public health/ education, and any government-related jobs (can’t be under the Congress or Senate) are jobs that qualify for the student loan forgiveness program. This also includes librarians for public schools and even instructors for a tribal college.
Since this program only started on October 1, 2007, any payments earlier than this date will not be counted. It is also NOT permitted for one to use an extended repayment plan or a graduated repayment to qualify for this program. Every payment must also be made while you are still employed for any of jobs mentioned earlier, otherwise, they will reject your application. Do not quit your job if you really want to be a part of this program.
The student loan forgiveness program will definitely benefit you a lot especially if you are only starting to work and you do not earn a lot to make a living. Even though the stipulations and conditions for this said program is a bit daunting, that does not mean you will not qualify. For as long as you do not do anything that will jeopardize your job and that you plan to work for an extended period of time, this task will be a piece of cake for you. Yes, applying for this said program is time- consuming and sometimes exhausting, however, once you are approved, you will find out that all of it was worth it. This is something that you must take advantage of.