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. 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. 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. 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 currently employed under any public service job and you have made at least 120 payments for your loan in the past, then applying for this program will not be a problem for you. 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. 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. If you are planning to apply for this program, remember that you cannot use any extended repayment plan. 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.
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. 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. 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.