Why You Should Apply for a Student Loan Forgiveness Program
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? 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. For those who have not heard of this in the past, this is a program that aims to financially assist those who are working in the public service sector by exempting them from paying their debts. It was ten years ago when the congress passed this act. 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. 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. 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). 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. 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.