Why You Should 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. It was ten years ago when the congress passed this act. Yes, it is true that the student loan forgiveness program has strict stipulations and conditions, however, a lot of people who have a low-paying job still benefit a lot from it. The Federal Direct Plus loans, Federal Direct Consolidation loans, and even Federal Direct Stafford loans are the types of loans that fall under the student loan forgiveness 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 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. 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 the type of program that you must never ignore.