Taking a student loan is never an option one has to take it in order to get higher education for career building and have a better future but have you wished that this loan just goes away without indebting you for huge amounts? If yes, you are in the right place. You cannot have your student loan debt magically disappear and for this, FinanceShed has come up with certain ways through which you can have Student Loan Forgiveness.
Repayment Based Student Loan
The first and most common option you should consider is applying for the Income-Based Repayment Plan under repayment based student loan. The program considers adjusting the students’ monthly loan payments to be no more than 15% of their discretionary income. Even there are some graduates make so little that they qualify to make $0 payments. Pay as you earn program is more or less similar to Income-based repayment. In the income-based program, the payment was 15% of the discretionary income whereas here it is 10%. You are eligible for this program only if pay, as you earn payments, are less than what they would be under the 10-year standard repayment plan and you have done consistent payment for 20 years.
Career Based Student Loan Forgiveness
There are also a decent number of jobs that may qualify you for loan forgiveness. They may be less glamorous than you have dreamt about, but these career paths do entice workers hoping to have student loans forgiven. These include Public Service Careers such as Military, Law enforcement. Public health, Public Education, Government, Americorps, Peace Corps, and such other purely public service careers. This scheme also includes loan forgiveness for Federal agency employees, Teacher, Nurse, Doctor, Lawyer, and Automotive loan forgiveness.
State-Based Student Loan Forgiveness
Every state offers student loan forgiveness options for state residents. These programs offered by the states are often life-changing for some students as they really struggle for paying off the student loan availed by them. These programs are offered by almost each and every state though eligibility may vary by field. Some states provide students loan forgiveness program that even vary in eligibility criteria as well as a number of programs such as some states like Alaska, Georgia, Mississippi, etc. have single program whereas states like New Jersey, North Carolina, Texas have more than two students loan forgiveness plan.
Other Students Loan Forgiveness Program
Other than the programs that are mentioned above there are various other programs that are there to help students with their loans. That includes:
Employer-Based Student Loan Program that is offered by certain employers to benefit their employees. Currently, around 17 employers offering student loan repayment assistance in the United States. U.S. Military Student Loan Forgiveness Option provides different programs for those who are serving the country and protecting it from every odds. These programs include Army college loan repayment, National Guard loan repayment program, Navy loans, etc.
Other loan forgiveness includes Perkins Loan Cancellation Options which are offered and administered by where you attended school. They offer a lot more loan forgiveness options than other loan types. This loan option provides up to 100% cancellation of the loan over a period of five years depending upon the profession.
Students suffering from fund discrepancies can easily sign up for these programs for free at StudentLoans.gov. and have assistance for career building and loan forgiveness.