One option that are not often considered by Students but is an option available to graduates are student loan forgiveness. Federal Student Loan Forgiveness is a program that allows graduates to receive forgiveness on their student loans if they work in the public sector for at least five years after graduating. There are many programs available to qualified employees in the federal government, but the Student Loan Forgiveness Program is one that is available to all graduates. In order to qualify for student loan forgiveness, you must work for at least five years in a public service position. Public service positions are numerous, including those in the education field, law enforcement, veterans, and firefighting.
Another way to qualify for Federal Student Loan Forgiveness is to work for a loan relief company or organization. Student Loan Forgiveness provides graduates with the option of applying directly to a lender or going through an organization that will help direct graduates to qualifying lenders. Some organizations will do this for free while others may charge a small fee. Many students choose to work directly with the lender to apply for loan forgiveness, as this allows them more time to properly qualify for a reduction in loans. Direct loan programs are available to millions of borrowers, but there are millions of graduates from colleges, universities, and trade schools that qualify for student loan forgiveness.
If you are a recent college graduate, you may qualify for Federal Student Loan Forgiveness if you are working part-time or if you are attending school full-time. To find out if you do qualify, you will need to gather all of your student loan records and then present these documents to the loan representative who handles your case. The paperwork will help determine how much you will qualify to pay back, as well as any conditions or agreements that you will be required to follow. In order to qualify, you must be working towards a degree, be enrolled full-time in college or a university, and have not defaulted on your student loans for three years.
Students who qualify for Direct Student Loan Forgiveness come from all walks of life. They include: stay at home moms who want to pursue an education; students who have experienced academic hardships, such as a student who is in default on his or her loan. The hardship does not have to be severe. A student who has suffered from a serious physical injury can also qualify. Also eligible are students who are elderly, disabled, or in the military. There is no income limit as to what you can apply and receive as a Federal Direct Unsubsidized Loan Refund, but Direct Subsidized Stafford and PLUS loans count, making them excellent choices for student loan relief.
On the surface, it seems the federal student loan forgiveness program is available to everyone. However, there are strict eligibility requirements. Only students who are actively pursuing an undergraduate degree at an accredited college or who have completed their associate degrees or higher are eligible for forgiveness. If you are employed by the U.S. government, the government will even forgive part of your student loan debt if you work for them for ten years. This is what makes the eligibility requirements very high.
While most people are eligible for a federal student loan debt forgiveness plan, not everyone will qualify. If you do qualify for a federal student loan debt forgiveness plan, there are many other programs that you could qualify for as well. These other programs can be very helpful if you have exhausted all available financial aid.
You may want to check with your employer and see if they qualify for a federal student loan debt forgiveness program. Many employers offer some sort of repayment plans to employees who need help financially. If you work for the government, you may qualify for public service forgiveness, too. The government offers different types of repayment plans to those who qualify for federal assistance. You should talk with your student loan counselor to find out exactly which type of repayment plan you would be eligible for.
Some people may qualify for both federal assistance and also be eligible for state assistance. If you are in fact eligible for both, you may want to consider getting both in one package. If you are unemployed, you can apply for both federal student loan forgiveness and state assistance. There are often plenty of options available for those who qualify for government employee forgiveness.