Personal finance: how to have federal student loan forgiven
There are options for students to ask for student loan forgiveness if you qualify for the program. Usually they will have specific criteria and you have to meet all of the conditions. It?s possible but it?s not the easiest thing that there will be available for student with Federal debt. It?s best to walk into college thinking of other ways to finance your education rather than have your loan forgiven because this is a limited opportunity. You will have a hard time if you didn?t meet the qualifications and you would still have to repay the loan. The government doesn?t allow you to default your payment like a credit loan and they will garnish your wage. They will collect your loan at all cost and it?ll be on your credit if you don?t repay them. The interest will add up and it?ll be a bigger debt if you don?t focus on repaying it. You should consider the loan option with precautions so that you?re not stuck with an unwanted loan in the future. Paying off a loan is not the most pleasant thing that there is for anyone. I had to pay a student loan and it was interfering with my ability to pay all of my other common bills. It can be difficult to see interest adding up and loan amount that is still high. Before you take out a loan you should seek counseling at your college to explore other options like free scholarship, free grants, work study and consider working part time to finance your education.
You can consider applying for a scholarship, student grants, private scholarship, work study program and from your own job to finance your education. These options will not give you a large debt out of college. If you heavily rely on a loan for your education and living expenses then you will be stuck with a large debt later on in life. Loaning is not the best option and it?s a last resort. If you are stuck with a loan, you can try to apply for a forgiveness under several condition like the fact that you?re totally disabled, you?re in the healthcare field, you?re in a public service field and you have work for peace corps. Each of these options have very specific criteria that you have to meet in order to have your loan forgiven. Not everyone will easily qualified and that?s why you should consider this factor before you take out a loan. You can still try if you?re in the categories that can have loan be forgiven.
If you?re studying to be a nurse or a doctor then you can try to have your loan discharge if you satisfy all of their criteria. If you graduate and you make over 0,000 a year, you might not qualified since you make enough to pay back your loan. You have to work for a public health service or hospital too in order to qualify for the discharge plan and if you have your own office or you work for a private hospital or clinic then the program will not qualify you. There is very stringent criteria and you have to match the requirements. You should study the requirement further. One other option is to serve in the peacecorps. If you serve for the peace corp for a full four year then they can cancel as much as 75% of your loan. They do have strict requirement and you can research it further. They do have programs out there to help you get free scholarship and grants. These are better options as always and getting a loan cancel is not that easy. You have to meet all criteria by providing them with proofs and documents. It?s best that you research your loan option carefully before you think about taking out a large loan because there is a big chance that you have to repay it back and you would only get it discharge if you meet their strict requirement.
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Source: http://www.loansbenefits.com/personal-finance-how-to-have-federal-student-loan-forgiven/
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