Live a Comfortable Life and Apply for a Student Loan Forgiveness Program
A lot of students are left with no other option but to apply for a loan in order to finish their studies. 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. 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. The congress passed this act 10 years ago. 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 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.
Since this program only started on October 1, 2007, any payments earlier than 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 should also be made while you are still working for the government. Do not quit your job if you really want to be a part of this 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. The student loan forgiveness program is something that you must use to your advantage.