A student loan is an excellent investment for your future, but can also be a considerable burden for the rest of your life if you have not thoroughly thought out your plans. Before you take out a loan or already have one, you should know that a student loan will not be discharged when you file for bankruptcy. It means that you will have to pay off your student loan no matter what. But, the good news is that you can get it discharged if you qualify for student loan forgiveness.
Student loan forgiveness is a program whereby enrolling you can get rid of your entire or part of your student loan. A company like: https://www.loanforgiveness.org/ can guide you through this process. But, in return, you will be expected to enter a particular career or enter into a specific field. Mostly, these are limited to loans approved by the federal government. Such loans can quickly reduce your debt of more than $100,000, but the low number of applications to these programs indicates that most people are unaware of such opportunities.
Student loan forgiveness is one of the best options to reduce their burden of loan debt if –
- You want to pursue a career in public service and are worried about how you would be able to pay your debt with the low salary that you receive.
- You already have a student loan and are currently working in a volunteer service job or a public service job.
- You are working in an occupation that is in shortage in the country and is of national importance.
Requirements for qualifying for Student Loan Forgiveness
- You should have paid 120 on-time payments towards your loans.
- The payments must be under a qualifying plan.
- They should work full-time at a qualifying organization.
Some Student Loan Forgiveness Programs
You can find many loan forgiveness programs made available to the professionals once they complete their studies and enter the workforce. Most of the time, the professional associations already have a list of such programs applying to a specific profession. Some of the places where you should be able to relevant information about such programs are provided below –
- Teachers – The American Federation of Teachers keep a funding database where you can search for teacher grants, loan forgiveness programs, or classroom donation programs to reduce your debt.
- Medical and Nursing Professionals – Typically a medical student has about $200,000 in student debt even before they enter the workforce. The Association of Medical Colleges offers many loan forgiveness that can be availed by medical professionals.
- Legal Professionals – Many Lawyers earn their law degree with a burden of about $150,000. Thus, the American Bar Association provides many different strategies for loan forgiveness at the federal and state level.
- Public Service or Volunteer Work – The Public Service Loan Forgiveness Program, created by the Congress in the year 2007, is among the best program there is currently for the students.
Before committing to a student loan, ensure that you understand the eligibility criteria along with its benefits. Once you have successfully picked a student loan forgiveness program, make all your payments according to the provided rules.