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. 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 for your remaining student debts, then you have to take advantage of the student loan forgiveness program. 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. The congress passed this act 10 years ago. 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 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. 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.
If you are employed in the public service sector and you have a low income, student loan forgiveness will help you a lot. 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. 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.