Dealing with a student debt is not easy as it changes one’s life and can wipe out your savings if it is not managed in the proper manner. However, if the debt becomes overbearing, there are several options that you can turn to in order to eliminate student loan debt through loan forgiveness. There are several methods that you can use in order to realize the loan forgiveness.
Joining the Military
If one joins the military, one of the many benefits they enjoy include the student loan repayment. However, you should research further on the military outfit to join as there are some units that do not enjoy this benefit. The military offers loan repayment programs to students who join the military which is a form of loan forgiveness.
Becoming a Full Time Teacher
For people who have a Perkins loan, they can have their loans forgiven if they agree to work full time in elementary, junior or middle high school meant for children from families on a low income. The number of years one agrees to teach corresponds to the amount in loans that are forgiven. It is possible to get more information on the schools that offer these loan forgiveness as stipulated in the various Education Acts.
Another way of eliminating your student loan through the loan forgiveness process is volunteering your time in certain organizations. You should research on the organizations that offer the loan forgiveness for students who volunteer their services for them. It is possible to get loan forgiveness for up to 70% of your total student loan debt. One ought to visit these organization’s websites and get more information about the programs they offer to enable students get some loan forgiveness.
Working in Public Service
When you choose to work in the public service for a number of years, it is possible for your student loan debt to be forgiven. Federal student loans are eligible for the loan forgiveness programs provided that one chooses to work for the public service after their schooling. One should get more information concerning these kind of loan forgiveness plans if they wish to reduce their loans using this method.
There are other various conditions that provide for loan forgiveness for students with a student loan. If they are able to prove that the loan was approved incorrectly, then they are able to have their student loans forgiven. Another condition that can warrant for the forgiveness of these loans will include the bankruptcy of the borrower or their demise. In such scenarios, they would not be able to pay their loans as expected and thus they can be forgiven. If the school the student was enrolled in shuts down or they withdrew from the school under some circumstances, then the students ought to have their loans forgiven.
It is important to note that only the federal student loans are subject to the loan forgiveness program. Private student loans are not eligible for this forgiveness program. It is also wise to ensure that you get as much information as possible before opting for any of the above loan forgiveness options.