Why You Should Apply for a Student Loan Forgiveness Program
Majority of college students are left with no other choice but to apply for a loan in order to secure their future. This seems like a good plan at first but what happens if you end up getting a job that does not pay well? 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. 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.
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. If you are planning to apply for this program, remember that you cannot use any extended repayment plan. Every payment must also be made while you are still employed for any of jobs mentioned earlier, otherwise, they will reject your application. 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. Although the program’s stipulations and conditions seem daunting, it is NOT that difficult to qualify at all. 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. The student loan forgiveness program is something that you must use to your advantage.