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 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 your remaining student debts, applying for a student loan forgiveness program is the solution to your problem. 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. This act was passed by the congress on October 1, 2007. 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 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 employed under any public service job and you have made 120 successful payments in the past, then applying for this program will be a cakewalk 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. 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. 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. 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.