Finding Similarities Between Loans and Life

Aug 5, 2017 by

Easy Ways to Have Your Student Loans Forgiven Student loan borrowers often regret taking out so many loans while in school. For many, it’s so bad that they want to leave the country to avoid having to make payments. The good news is there are student loan forgiveness programs. These programs are designed to rid you of your federal loan debt. What you qualify for is determined by your profession and the repayment plan you select to enroll in. Being in default on your loans, automatically disqualifies you. This means you haven’t made a single payment in at least nine months. Although private student loan providers, don’t provide forgiveness, some may allow you to make interest-only payments. You will need to call your lender to see what your options are.
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Your federal loan balance is eligible for forgiveness after ten years of working for a non-profit or government agency. Those who typically qualify under this scheme are either military personnel and public service workers. If you repay your loans on income-driven plan while you’re employed as a public service worker, you’ll save a lot of money.
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Only federal direct loan borrowers, who meet the above criteria are eligible for Public Service Loan Forgiveness. Borrowers that have loans from multiple sources, will need to consolidate them into their federal direct loans in order to become eligible. Reach out to the company that handles your federal loans, for help with your application. This is the first step you’ll need to take to confirm if you are eligible. They can tell you what paperwork to fill out and if you need to consolidate your loans before applying. Your employer will need to assist you in completing the employment certification paperwork. Although annual completion of this form is recommended, it isn’t mandatory. If you’re with the same employer year after year, then a retroactive certification is an option to consider. federal Perkins loans borrowers are eligible to have 100% of their loans forgiven if they work in public service. Search online for detailed job charts that will tell you if your job is eligible. If you are a teacher, then you’ll need to know what the specific guidelines are. Only certain subjects qualify, and the work must be performed a low-income public school. There are four income-driven repayment plans that permit you to pay a small percentage of your income toward your debt. After 20 to 25 years of income-driven payment, your remaining loan balance is forgiven. This is something you’ll want to confirm with your service provider, before selecting which option is best for you. As long as you come up with a solid strategy to pay off your student loans, you will be able to manage your debt without fear or anxiety.

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