If your student loan debt is virtually leaving you with pennies, you may be running out of ideas on how to pay it off.
Today, you’re in luck.
Your student loan debt crisis has a solution.
To combat the growing student loan debt crisis, loan forgiveness programs have emerged.
These programs may either help students significantly reduce payments or wipe them all away.
Forgiveness is for all.
However, it must be earned.
As with true forgiveness, you must first show sincerity and do penance.
How?
By giving back.
As an educator, you’ve had your share of ups and downs.
But you pulled through.
After five years of teaching full-time, you definitely deserve a break.
This is it.
Depending on your qualifications and your type of loan, there are two programs you can apply for.
These are Teacher Loan Forgiveness and Teacher Loan Cancellation.
Do you plan to work for the government or a not- for-profit organization?
Have you given any thoughts to volunteering with the AmeriCorps or Peace Corps?
If your answer to any of these is yes, then you may qualify for the Public Service Loan Forgiveness Program (PSLF).
Just make sure to fill out the necessary forms early on.
As with teachers and civil servants, nurses give a lot back to the community.
Think of your loan forgiveness as good karma.
As a nurse, there are a number of ways you can qualify for forgiveness.
One option is the Nurse Corps Repayment Program.
This particular program is for nurses working in either an eligible hospital or an accredited nursing school.
Yes, Doctors are also part of this list.
Medical school tuition fees are among the most expensive.
Likewise, most doctors only receive minimal salaries until after training.
As a Physician, you may qualify for the PSLF or choose from either the Pay As You Earn (PAYE) or Income-Based Repayment (IBR) program.
If you’re a military man, this is the one for you.
Of the options available, this is the easiest to qualify for.
However, you must have used either a National Defense Student Loan or Federal Perkins Loan.
A Federal Perkins Loan or Perkins Loans are available for both undergraduate and graduate students.
It incurs low-interest rates and is granted to students with proven exceptional needs.
If you used a Federal Perkins Loan, you may be eligible for partial forgiveness or full cancellation of your student loan debt.
Cancellation rates depend on your current profession or individual circumstances, such as disability or bankruptcy.
This program is only available to individuals who can prove that they are permanently disabled.
Under this program, student loan debt is discharged if and when an individual can no longer earn through employment.
The disability may be due to physical injury or mental impairment.
You must provide proper medical documentation as proof of your disability.
Once the discharge is approved, you can no longer apply for other student loans unless deemed fit by a physician.
Find out how to pay off your student loan debt faster in this video from Goal Guys:
Getting rid of student debt may have been nearly impossible.
However, these programs can get you a step closer to true financial freedom.
Don’t let student loan debt haunt you for the next decade or more.
If you are qualified for any of these programs, why not give it a try?
You might just have what it takes to be forgiven and you’ll be doing some good while you’re at it.
Do you want us to add more student loan debt relief options in this article? Share your thoughts in the comment section below!
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