Student Loan Debt Forgiveness For 2011
Student loans can add up quickly and take decades to pay off.
If you find that you are struggling to make those monthly student loan payments, there are some relief options available through the federal government.
In 2007, the Federal College Cost Reduction and Access Act was passed in order to ease the financial burden of current students and recent graduates.
If you qualify, your debt could be reduced by as much as half.
Students and graduates can also take advantage of high demand careers and public service opportunities that can help get rid of some of the costs of student loans.
Loan Forgiveness for Specific Careers The United States is in desperate need of nurses and new teachers.
If you are working toward an education or nursing degree, you could find that your college costs will be covered when you begin working after you graduate.
Teachers who choose to work in low income areas or with special needs children are offered special loan forgiveness because they are accepting work in positions that are difficult to fill.
Forgiveness programs are also available to nurses who are willing to work in critical care facilities.
Income Based Repayment Programs Any graduate who is financially unable to repay his or her student loans on the standard repayment program can apply for an income-based repayment schedule.
Under this schedule, monthly payments will be reduced based on the graduate's income.
After a certain number of years, the remaining balance on the student loan may be forgiven completely.
In some cases, the student debt may be reduced or completely wiped out.
The most common debt forgiveness involves reduced payments that can be stretched over a longer period of time so that the graduate can better afford to pay the loans back.
Loan Forgiveness Through Public Service The federal government has earmarked loan forgiveness for students who perform specific kinds of public service upon graduation.
Anyone who joins the military after graduation will have their loans forgiven.
Those who choose to work for non-profit organizations may be offered reduced payments.
After 10 years of working in an appropriate public sector career, the remaining amount of the loan will be completely wiped out and forgiven by the federal government.
Those who choose to work in research labs can also apply for loan forgiveness.
The loan cannot be wiped out until the student has made at least 120 payments.
If you find that you are struggling to make those monthly student loan payments, there are some relief options available through the federal government.
In 2007, the Federal College Cost Reduction and Access Act was passed in order to ease the financial burden of current students and recent graduates.
If you qualify, your debt could be reduced by as much as half.
Students and graduates can also take advantage of high demand careers and public service opportunities that can help get rid of some of the costs of student loans.
Loan Forgiveness for Specific Careers The United States is in desperate need of nurses and new teachers.
If you are working toward an education or nursing degree, you could find that your college costs will be covered when you begin working after you graduate.
Teachers who choose to work in low income areas or with special needs children are offered special loan forgiveness because they are accepting work in positions that are difficult to fill.
Forgiveness programs are also available to nurses who are willing to work in critical care facilities.
Income Based Repayment Programs Any graduate who is financially unable to repay his or her student loans on the standard repayment program can apply for an income-based repayment schedule.
Under this schedule, monthly payments will be reduced based on the graduate's income.
After a certain number of years, the remaining balance on the student loan may be forgiven completely.
In some cases, the student debt may be reduced or completely wiped out.
The most common debt forgiveness involves reduced payments that can be stretched over a longer period of time so that the graduate can better afford to pay the loans back.
Loan Forgiveness Through Public Service The federal government has earmarked loan forgiveness for students who perform specific kinds of public service upon graduation.
Anyone who joins the military after graduation will have their loans forgiven.
Those who choose to work for non-profit organizations may be offered reduced payments.
After 10 years of working in an appropriate public sector career, the remaining amount of the loan will be completely wiped out and forgiven by the federal government.
Those who choose to work in research labs can also apply for loan forgiveness.
The loan cannot be wiped out until the student has made at least 120 payments.