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? 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. It was ten years ago when the congress passed this act. Yes, it is true that the student loan forgiveness program has strict stipulations and conditions, however, a lot of people who have a low-paying job still benefit a lot from it. 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 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. 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. 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. If you are planning to apply for this program, remember that you cannot use any extended repayment plan. 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.
Applying for the student loan forgiveness program is definitely helpful especially if you are just starting to work and you have a low income. 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. Yes, applying for this said program is time- consuming and sometimes exhausting, however, once you are approved, you will find out that all of it was worth it. This is the type of program that you must never ignore.