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. This seems like a good plan at first but what happens if you end up getting a job that does not pay well? 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. The goal of this program is to help those people working in the public service sector by “forgiving” their remaining 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. 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. 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 was only approved 10 years ago (October 2007), payments before this said date are not 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 must also be made while you are still employed for any of jobs mentioned earlier, otherwise, they will reject your application. Do not quit your job if you really want to be a part of this program.
If you are employed in the public service sector and you have a low income, student loan forgiveness will help you a lot. 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. 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.