As the cost of education is rising high, student loan has become inevitable for numerous consumers. Only taking out a student loan isn’t the last thing that consumers need to worry about. It’s also important to think about the repayment. Now, tough financial conditions often make it difficult for consumers to pay off the student loan successfully. However, if you’ve taken out federal student loan, then things can be a bit easier for you. You can eliminate your student loan debt with the help of student loan forgiveness program.
How federal student loan forgiveness may come to your aid?
Through the special loan forgiveness program you can get all or a portion of your student loan cancelled. For the Direct Loan borrowers, there is a range of programs available. The programs are:
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Forgiveness for volunteer work
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Military loan repayment
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Public Service Loan Forgiveness
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Teacher Loan Forgiveness
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NHSC Medical Loan Repayment Program
These specific programs help troubled debtors in the following way:
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Helps debtors who work as volunteers: If you work in any volunteer organization like AmeriCorps and PeaceCorps, then getting loan forgiveness won’t be tough for you. By working as a volunteer you can easily apply for the deferment of your Perkins and Stafford loans. Of course you must have working experience of at least 12 months.
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Specific programs are there for teachers and military officials: Just like volunteers, there are separate programs for teachers and military officials as well. You may search through the website of Department of Education for teacher’s programs and contact the local recruitment office to get details about the programs for military people. In this way you’ll be able to find out the best program for yourself.
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Program for public servants are available as well: The Public Service Loan Forgiveness is meant for people who work in public service field. To qualify for the Public Service Loan Forgiveness you need to be regular on your loan payments. If you’ve successfully made 120 regular payments, then you can apply for the program.
So, if you’re struggling to pay off your federal student loan, then opt for student loan forgiveness. This will help to keep your debts under control.