You may have heard the term "student loan forgiveness" before. However, most people simply assume that they will not be able to take advantage of these types of programs because they seem too good to be true. Student loan forgiveness programs literally forgive your debt. You do not have to pay it back. The end result is that you have basically had a "scholarship" for part or all of your college tuition and educational training.
However, you definitely will earn this "scholarship" if you receive it. Generally, student debt forgiveness is based on your career choice. If you choose a career in public service and remain in that career for a decade, then not only will the federal government forgive any remaining debt, but in some cases they will actually cut you a check for some of the payments that you did make over that period of time. And you may be surprised at the types of careers that can qualify you for student loan forgiveness. Examples of public service careers include not only firemen, policemen and community defense personnel, but also doctors and lawyers who work with underprivileged clients and people who do a variety of charitable works as part of their job.
If you believe that your career may qualify you for student loan forgiveness, then you should immediately start gathering documentation. For example, a yearly written job description from a supervisor, highlighting the things that you do to make your job "public service" can go a long way in this type of case. Also, make sure that you have documents proving how long you have been employed in that position. Go ahead and contact any relevant government programs to find out exactly what they will require for you to get your student loan forgiveness so you can gather as you go rather than waiting until your decade is up and then hoping you can make and prove your case.
Of course, certain types of loans are more likely to qualify for college loan forgiveness than others. Federal student loans nearly always do. However, if you are a parent who has taken out a PLUS loan, you are probably not going to be eligible for student loan forgiveness regardless of you or your child's career choice. This does not rule out your chances at getting your loan forgiven entirely though. If there was a failure in the educational system where your child attended, then you may be able to make a case.
When it comes to student loan forgiveness, dedication and attention to detail is the key to your success. Make sure that you have thorough documentation of all your qualifying work. Be persistent but always polite to lender representatives and program aides. You will find that they are as eager as you are to find a way to help you get loan forgiveness if you qualify.
However, you definitely will earn this "scholarship" if you receive it. Generally, student debt forgiveness is based on your career choice. If you choose a career in public service and remain in that career for a decade, then not only will the federal government forgive any remaining debt, but in some cases they will actually cut you a check for some of the payments that you did make over that period of time. And you may be surprised at the types of careers that can qualify you for student loan forgiveness. Examples of public service careers include not only firemen, policemen and community defense personnel, but also doctors and lawyers who work with underprivileged clients and people who do a variety of charitable works as part of their job.
If you believe that your career may qualify you for student loan forgiveness, then you should immediately start gathering documentation. For example, a yearly written job description from a supervisor, highlighting the things that you do to make your job "public service" can go a long way in this type of case. Also, make sure that you have documents proving how long you have been employed in that position. Go ahead and contact any relevant government programs to find out exactly what they will require for you to get your student loan forgiveness so you can gather as you go rather than waiting until your decade is up and then hoping you can make and prove your case.
Of course, certain types of loans are more likely to qualify for college loan forgiveness than others. Federal student loans nearly always do. However, if you are a parent who has taken out a PLUS loan, you are probably not going to be eligible for student loan forgiveness regardless of you or your child's career choice. This does not rule out your chances at getting your loan forgiven entirely though. If there was a failure in the educational system where your child attended, then you may be able to make a case.
When it comes to student loan forgiveness, dedication and attention to detail is the key to your success. Make sure that you have thorough documentation of all your qualifying work. Be persistent but always polite to lender representatives and program aides. You will find that they are as eager as you are to find a way to help you get loan forgiveness if you qualify.
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