There are cases in which some people will be able to get rid of all or part of their student loans using a forgiveness plan targeted at student loans. This removes the burden of dealing with the repayment for years so you can divert the funds to something else meaningful.
One might qualify for student loan forgiveness depending on the college degree and the current job. Here are five methods to get forgiveness on a student loan:
Public Service
People who work full time for a qualified employer who also makes 120 monthly payments that qualify for the period will be eligible for the Public Service Loan Forgiveness (PSLF) program. For one to qualify, one needs to be employed by the US federal, state, tribal or local government or nonprofit firms.
Considering this program, you are classified as having full-time employment if you volunteer for AmeriCorps or Peace Corps. For the experience to be worthy, one needs to use one's end of service award to make the loan payment for the previous year.
Become a Full-Time Teacher
Full-time teachers qualify for the PSLF program even though teachers can qualify for another loan forgiveness progress. With the teacher's Loan Forgiveness Program, teaching for up to five consecutive academic years for full time in a low-income educational service, and you qualify for others, you might get forgiveness of up to $17,500 for both your Subsidized and Unsubsidized Loans, alongside your subsidized and unsubsidized federal Stafford Loans.
To get more than $17,500, you need to teach math, science or special education. Other subject teachers will get $5,000
Enroll With the Military
One of the many perks of being a military member is repayment of student loans. At the moment, the Air Force, Army National Guard, Navy and others, all enjoy student loan forgiveness of up to $65,000, depending on what you do, the branch, and the duration of service.
The Marine Corps, Air Force Reserves and Coast Guards do not offer student loan forgiveness.
Become a Lawyer or a Builder
People in the legal and medical profession might end up with student loan debt of up to six figures. The good news is there are several student loan forgiveness program that can help:
Students can get up to $50,000 in forgiveness from the National Institute of Health. This, however, only applies to medical students who complete some medical research on selected topics like contraception and medical disparities.
Some health professionals can get up to a hundred thousand in student loan forgiveness via the National Health Service Corps Loan Repayment Program by volunteering for two or three years at a clinic lacking enough health officials.
There are provisions for graduates of law schools to have a portion of their student loan forgiven by participating in government work, public sector, or nonprofit assignment. The student loan repayment program is available from the Department of Justice, Legal Service Corporations, etc. Depending on the place of work, lawyers might qualify.
Wait for 20 or 25 years.
For people on a federal loan with an income-based repayment plan (IBR), they can have the balance of their student loan waived after 20 or 25 years, depending on when you got the loan. All federal student loans qualify except student loans in default, Parent PLUS Consolidation Loans and Parent Plus loans.
The monthly payment for student loans depends on the income and family size. For instance, a family of three with an annual income of $45,000 might pay just $4157 per month with an IBR plan. One can apply for IBR by getting in contact with the lender servicing the loan.
Who Pays the Student Loan Forgiveness?
Many people (people that have worked hard to pay their own loan) are against student loan forgiveness since they use taxpayer's money to fund it. This is true for all who have had their student loan forgiven because taxpayers have paid it.
This is similar to using government grants for your education. There is no private student loan forgiveness, even though it will be funded through funds and interest from other customers if they offer such a program.
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