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. 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. The best option for those people who are having a hard time paying their remaining student debts is to apply for a 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. 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. 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. 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). Public school librarians and tribal college instructors also made it to the list.
Since this program was only approved 10 years ago (October 2007), payments before this said date are not counted. They also don’t allow any applicants to use any extended repayment plan or a graduated repayment for this said program. Every payment should also be made while you are still working for the government. To make sure you are eligible for this program, see to it that you do not quit your job.
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. 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 quit your job and you work in the public sector for an extended period of time, this task should be a walk in the park for you. The time and effort you will spend applying for this program will definitely be worthwhile because it will free you from your financial obligations. This is the type of program that you must never ignore.