Easy Ways to Have Your Student Loans Forgiven Student loan borrowers often feel overwhelmed by the amount of the debt they’ve accumulated while in school. Many borrowers feel trapped and have nowhere to run or hide. There are graduates who qualify to enroll in federal student loan forgiveness programs. The programs that are available can either reduce or cancel your existing student loan balance. Based on your profession or repayment plan of choice, you have options to choose from. In order to qualify, you cannot have defaulted on your loans. This means you haven’t made a single payment in at least nine months. If you’ve taken out private student loans, you don’t qualify for student loan forgiveness, but may be able to negotiate directly with your lender. You will need to call your lender to see what your options are.
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If you work for a nonprofit or government agency for more than ten years, then your remaining federal loan balance is eligible for forgiveness. Professions that qualify for forgiveness range from nurses to military personnel. If you want to save a lot of money and qualify for Public Service Loan Forgiveness, then enroll in an income-driven plan.
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The type of loans that are eligible for Public Service Loan Forgiveness are federal direct loans. Borrowers that have loans from multiple sources, will need to consolidate them into their federal direct loans in order to become eligible. Reach out to the company that handles your federal loans, for help with your application. The company that manages your loans, will let you know if you qualify for forgiveness. They will let you know if you need to consolidate, as well as the required paperwork to complete. Your employer will need to assist you in completing the employment certification paperwork. The form isn’t required annually, but it’s recommended that you send it in each to stay on track. A retroactive employment certification is an option for those who stay with the same employer every year. federal Perkins loans borrowers are eligible to have 100% of their loans forgiven if they work in public service. Search online for detailed job charts that will tell you if your job is eligible. There are additional guidelines to be aware of if you are a teacher. A a lot of subjects aren’t eligible, as well as most schools. There are four income-driven repayment plans that permit you to pay a small percentage of your income toward your debt. After 20 to 25 years of income-driven payment, your remaining loan balance is forgiven. Always check with your lender to find out which option will best apply to you. Student loan debt is manageable, just make sure you select a repayment plan that works for you and don’t default.

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