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? 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 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. 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. The Federal Direct Plus loans, Federal Direct Consolidation loans, and even Federal Direct Stafford loans are the types of loans that fall under the student loan forgiveness program.
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. 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). 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 was only approved 10 years ago (October 2007), payments before this said date are not 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. Do not quit your job if you really want to be a part of this program.
If you are employed in the public service sector and you have a low income, student loan forgiveness will help you a lot. Even though the stipulations and conditions for this said program is a bit daunting, that does not mean you will not 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. 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.