Live a Comfortable Life and 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. This seems like a good plan at first but what happens if you end up getting a job that does not pay well? 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. It was ten years ago when the congress passed this act. 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. 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.
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. They also don’t allow any applicants to use any extended repayment plan or a graduated repayment for this said program. All 120 payments should also be done while you are still employed for any of the jobs mentioned above. 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.
The student loan forgiveness program will definitely benefit you a lot especially if you are only starting to work and you do not earn a lot to make a living. Even though the stipulations and conditions for this said program is a bit daunting, that does not mean you will not 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. The student loan forgiveness program is something that you must use to your advantage.