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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. 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 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. 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. This also includes librarians for public schools and even instructors for a tribal college.
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 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. The time and effort you will spend applying for this program will definitely be worthwhile because it will free you from your financial obligations. This is something that you must take advantage of.