What You Need to Know About Student Loan Forgiveness
A lot of students are left with no other option but to apply for a loan in order to finish their studies. Yes, this seems like a good plan, however, how will you pay for your debts if you end up getting a low-paying job? The best option for those people who are having a hard time paying their remaining student debts is to apply for a student loan forgiveness program. For those who do not know what this is, student loan forgiveness is a program that exempts those who are working in the public service sector to pay 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 employed under any public service job and you have made 120 successful payments in the past, then applying for this program will be a cakewalk for you. 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). Even if you are a librarian for a public school or a tribal college instructor, you can still apply for this program.
Since this program only started on October 1, 2007, any payments earlier than this date will not be counted. If you are planning to apply for this program, remember that you cannot use any extended repayment plan. Every payment should also be made while you are still working for the government. In case you decided to quit your job while paying your loan, you will not be eligible to apply for the student loan forgiveness program.
Applying for the student loan forgiveness program is definitely helpful especially if you are just starting to work and you have a low income. Yes, the program's stipulations and conditions may seem daunting at first but it is NOT really that hard to qualify. Just make sure you do not quit your job and that you work for an extended period of time, you won't have any problems applying for the student loan forgiveness program. You will never regret spending time and energy applying for this program because you will soon be free from your financial obligations. This is the type of program that you must never ignore.