Struggling Under the Weight of Your Debt? Try Student Loan Forgiveness!
The crushing weight of student loans is felt by many students and recent graduates across the nation. While more and more people in the United States are able to attend college or university every year, many struggle to fund their intellectual endeavors. They pursue degrees in the hopes of securing a job after graduation, only to find the economy in bad shape and businesses actually cutting back on jobs. Without a steady source of income, many can’t afford decent living accommodations or food; they have to spend it all on their student loans, instead. How is someone supposed to deal with these issues? The answer to all of these problems and more is student loan forgiveness.
Rather than spending your days and nights dreaming of a huge inheritance or winning the mega-millions jackpot, you could seek employment that qualifies you for student loan forgiveness. This means that after a certain period of time, your debt would be reduced to zero and you would be free to live a life free of monthly loan payments. One of the minimum requirements for programs such as these is that your loans absolutely cannot be in default. Defaulting on a loan typically means that you have not made a single payment in more than nine consecutive months.
One great example of a student loan forgiveness program is that of the public service loan forgiveness program. If you work for a nonprofit organization or a governmental agency, you may be eligible to have your balance erased! Are you a firefighter or in the army? This could be the program for you! All you have to do is work for them for ten years, and your debt will be forgiven after making payments for that amount of time.
If you work as a teacher, you could be eligible for a fantastic student loan forgiveness program. If you work at a school full-time for over five years, they will forgive almost $18,000 in loans! Here’s the catch, though: you are only eligible if you work in a low-income public school. If you work in this sector, you’ll undoubtedly want to pursue this option and see if you can reduce your debt by applying for this simple program.
There is one other option that is often overlooked by young borrowers: you can always ask your lender about student loan forgiveness. Though it is rare that a lender will forgive your balance immediately, it is rare that they will refuse to work with you and discuss a payment plan. If you aren’t eligible for complete and total forgiveness based on your work, you may be able to get away with simply paying a minimum amount based on your income each and every month. If you are able to stick with the plan, they may even clear your balance after 20 years! There’s no reason to wait: call your lender to talk about student loan forgiveness today.
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