Live a Comfortable Life and 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. Yes, this seems like a good plan, however, how will you pay for your debts if you end up getting a low-paying job? 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.
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. 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. 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. You will never regret spending time and energy applying for this program because you will soon be free from your financial obligations. The student loan forgiveness program is something that you must use to your advantage.