Why You Should Apply for a Student Loan Forgiveness Program
There are plenty of students that have applied for a loan in order for them to finally get their dream jobs. Yes, this seems like a good plan, however, how will you pay for your debts if you end up getting a low-paying job? 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 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. 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. The types of loans that fall under this program are the following: Federal Direct Plus loans, Federal Direct Consolidation loans, and even Federal Direct Stafford loans.
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. 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). 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. 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. 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. 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 something that you must take advantage of.