Live a Comfortable Life and Apply for a Student Loan Forgiveness Program 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 …
Live a Comfortable Life and Apply for a Student Loan Forgiveness Program
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 your remaining student debts, applying for a student loan forgiveness program is the solution to your problem. 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. Even though it is true that there are stipulations and conditions that you must adhere to if you want to apply for this program, we cannot deny the fact that the student loan forgiveness program is very helpful especially for those who do not earn very much. 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. Some of the public service jobs that qualifies for this program are the following: police force, military, public health, education, and other government-related jobs (excluding serving in Congress/ Senate). Public school librarians and tribal college instructors also made it to the list.
Because it was mentioned earlier that this program was only approved on the 1st of October 2007, any payments made before 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. All 120 payments should also be done while you are still employed for any of the jobs mentioned above. To make sure you are eligible for this program, see to it that you do not quit your job.
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. Although the program’s stipulations and conditions seem daunting, it is NOT that difficult to qualify at all. 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. You will never regret spending time and energy applying for this program because you will soon be free from your financial obligations. This is something that you must take advantage of.