Do you feel like you’re drowning in student debt? Student loan forgiveness programmes may be a possibility for you.
You undoubtedly remember your college days fondly. Sure, you were there to acquire the degree that led to your current position, but you also managed to have some fun in between all of the studying and essay writing. But then you consider how much student loan debt you’ve accumulated, and suddenly you’re not looking forward to college.
You’re not alone if you wake up in the middle of the night sweaty from worry over the magnitude of your student debt. According to a research on student debt released in March 2014 by The Institute for College Access & Success, 71% of all students graduating with degrees from four-year schools in 2012 had student debt, with an average debt burden of $29,400.
How to Pay Off Student Loans
While it may seem like you’ll be paying off your student loans for the rest of your life, there are a variety of student debt forgiveness options available to you. If you’ve been asking, “How can I have my student debts forgiven?” this article will provide you with an overview of the many student loan debt forgiveness options available.
When researching a student debt forgiveness programme, keep in mind the eligibility requirements, the loans that are eligible for forgiveness, and the procedures you must follow to apply for a programme. Often, qualifying standards will demand you to have worked in your profession for a certain number of years. Each student debt forgiveness programme is unique, with varying eligibility and qualification requirements, as well as stages that must be completed.
Forgiveness of Federal Student Loans: Obama Student Loan Forgiveness Program
If you have federal student loans, one of the first things you should do is look into the Obama Student Loan Forgiveness Program. The Income-Based Repayment (IBR) plan, which provides student loan forgiveness after 20 or 25 years of payments, the Pay As You Earn (PAYE) plan, which also provides forgiveness after 20 years of payments, and the Income-Contingent Repayment (ICR) plan, which provides forgiveness after 25 years of payments, are the options for federal student loan forgiveness.
Loan Forgiveness Programs for Military Personnel
If you are a member of the United States military, you may be eligible for a variety of student debt forgiveness programmes. Many of them, such as the Health Professions Loan Repayment Program, are for health professionals serving in the military (HPLRP). Loan payback schemes are also available for members of the National Guard, the Army, and the Navy. In addition to searching for programmes on your own, speaking with your recruiter is a fantastic approach to find out what is available.
Loan Forgiveness Programs for Medical Professionals
A variety of student debt forgiveness options are available for health professionals. These programmes are often given in exchange for a certain time of service. For example, the Faculty Loan Repayment Program is accessible to disadvantaged health professionals who agree to serve on the faculty of an authorised health professions institution or university for two years. Another case in point is the Indian Health Service Loan Repayment Program, which is accessible to health professionals who commit to two years of full-time practise at an Indian health programme location.
A number of state-specific student debt forgiveness schemes are also available for health professionals. To be eligible for such programmes, you must be a health care professional of the stated category as well as a resident of the designated state.
Other Professions and Occupations Student Loan Forgiveness Programs
Student debt forgiveness programmes are offered for some professions and vocations, such as teachers, social workers, and lawyers, as well as individuals working in STEM (Science, Technology, Engineering, and Mathematics) jobs. This is by no means an entire list of professions and jobs, and more study is advised. You may be eligible for Perkins Loan Forgiveness programmes if you hold a Perkins loan and work in one of the approved professions.
Student Loan Forgiveness Programs by State
You may also be eligible for state-specific student debt forgiveness programmes. These programmes are often associated with a certain profession as well as a state; for example, the Health Professions Education Debt Payback programme provides loan repayment for health professionals who are able to work and provide treatment in California.
Loan Forgiveness Program for Public Employees
If you work in government, you could be eligible for the Public Service Loan Forgiveness (PSLF) Program. Forgiveness under this programme applies to the outstanding balances on loans obtained via the William D. Ford Federal Direct Loan (Direct Loan) Program after you have made 120 eligible loan payments while working full-time for a qualified public sector job.
When confronted with what might seem like a crushing amount of debt, it can be difficult to have a clear perspective on the issue. A student debt forgiveness programme may be a useful choice for you in certain instances. You can check for individual programmes by downloading this useful booklet from American Student Assistance.
If the notion of researching and applying for various student debt forgiveness programmes is onerous, you may want to consider using a student loan forgiveness service to help you narrow down your options and complete and submit all of the documentation necessary to qualify for certain programmes.