Student Loan Forgiveness as a Great Solution for You
Please note that it is a must to repay the borrowed funds. No exceptions can be made to this rule; however, in some circumstances, it is challenging to be honest in carrying out the obligations. Then, it is highly recommendable to make use of special programs aimed at helping people in financial constraints.
Federal Forgiveness Programs for Everybody
Not everybody knows that there is a number of different programs of federal forgiveness for students, including income-driven repayment plans and Public Service Loan Forgiveness, but the whole list is not limited to them.
What are the main principles of such programs?
- Forgiveness takes into account what one does
There is a tendency that such professionals as medical personnel, lawyers, and teachers are in high demand in the areas with lower income. So, some programs for student loan repayment target these highly-qualified specialists to motivate them not to forego to the other areas. For example, the Teacher Loan Forgiveness program provides for forgiving up to $17,500 of the student loan debt if teachers work at a low-income school for the period of five years.
The volunteers of the National Health Service Corps are eligible for receiving up to $50,000 for their dedication and commitment to work for two years with extra awards for the following years. The other health experts can provide medical services to the Alaska natives and American Indians and get up to $40,000 forgiven for two years of their work.
- Forgiveness takes into account where one lives
Some programs are oriented at students who are willing to get their jobs in rural areas or low-income regions. The other programs try to attract highly qualified specialists to some places, for instance, the CDA Foundation issues grants for repaying up to $105,000 to those who agree to take a full-time dentistry position in California. Another program known as the New York State Young Farmers Loan Forgiveness Incentive Program takes care of those who decide to manage a farm having an undergraduate degree.
- Forgiveness takes into account how one gives back
There are different options of student debt forgiveness for the military and AmeriCorps members. Moreover, there are sponsors willing to assist with student loans for volunteer participation in non-profit activities.
Important: do not sign up for any program before you learn everything about it! Study all the conditions before starting any long-term commitment. But be sure that you will find a good option for yourself.
Published: September 26, 2016
