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 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. For those who have not heard of this in the past, this is a program that aims to financially assist those who are working in the public service sector by exempting them from paying their debts. It was ten years ago when the congress passed this act. 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 employed under any public service job and you have made 120 successful payments in the past, then applying for this program will be a cakewalk for you. 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. 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. 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 quit your job and you work in the public sector for an extended period of time, this task should be a walk in the park 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. The student loan forgiveness program is something that you must use to your advantage.