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. This seems like a good plan but a lot of people who end up getting a low-paying job are forced to face the hard reality of life. 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. This act was passed by the congress on October 1, 2007. 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 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. If you are wondering what jobs qualify for this said program, these are the police force, military, public health/ education, and any government-related jobs (can’t be under the Congress or Senate). Even if you are a librarian for a public school or a tribal college instructor, you can still apply for this program.
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. Every payment should also be made while you are still working for the government. Do not quit your job if you really want to be a part of this program.
If you are employed in the public service sector and you have a low income, student loan forgiveness will help you a lot. Yes, the program’s stipulations and conditions may seem daunting at first but it is NOT really that hard to 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.