The new American Dream involves getting a higher education so you can embark on a career that provides a comfortable life and a high quality of life. Unfortunately, the new American Dream is fraught and beset with massive debt. College degrees cost tens of thousands of dollars, and multiple degrees, which great careers require, can cost hundreds of thousands of dollars.
So how does the average person afford a college education that will help them fight their way ahead in life? They go in debt with massive student loans that can hang around your neck like a ball and chain for years, or worse, even cost a person their credit, their home and their way of life.
But there are ways to make your college career pay for itself, and the best way is to take advantage of student loan forgiveness.
Paying Your Student Loan Off With a Student Loan Forgiveness Program
Student loan forgiveness is a way to have large portions of student loans wiped away with no negative ramifications.
You must meet certain qualifications to be eligible for student loan forgiveness, but essentially the federal government offers student loan forgiveness programs as do many states. In most cases these relief programs take time but there is no limit to the amount that can be discharged and no number of years of repayment that do not meet eligibility once you qualify.
The federal program, known as Public Service Loan Forgiveness (PSLF), was instituted under the Obama Administration and has already forgiven many millions of dollars in student loans to qualified public servants who met other requirements, like holding a federal job for a certain amount of time and staying current on your student loan. These student forgiveness programs will pay for a portion of your degree, a large one in some cases, so you can make your career pay for a better quality of life for you and your family.
The application process is confusing and takes time, so it is best to get started as soon as you can, and there are programs established to advise and assist people when trying to attain student loan forgiveness. In any student loan forgiveness program though, belonging to certain organizations or holding a certain type of job for some length of time is a requirement.
Typed of Professions that Qualify for Student Loan Forgiveness
Certain types of careers, ones that provide particular types of public service, open up eligibility for student loan forgiveness. Here is a list of types of jobs that help qualify for student loan forgiveness programs:
- Military careers
- Certain public legal careers
- Emergency management
- Teachers
- Certain Medical Professionals
- Government workers
- Certain volunteer workers
- Certain public librarian jobs
There are also certain organizations that a person can belong to for period of time that can help someone qualify for student forgiveness but they vary by state. A person can qualify for the public student loan forgiveness programs as well as state funded student loan forgiveness at the same time as well.
Conclusion
A student loan forgiveness program can help you in getting away from being buried by student loans. Please bear in mind, though, this isn’t a one-size-fits-all solution that’ll work for all situations. Consult with your advisor for the best route for you moving forward.