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Live a Comfortable Life and Apply for a Student Loan Forgiveness Program

There are plenty of students that have applied for a loan in order for them to finally get their dream jobs. This seems like a good plan but a lot of people who end up getting a low-paying job are forced to face the hard reality of life. If you are having a hard time paying your remaining student debts, applying for a student loan forgiveness program is the solution to your problem. For those who have not heard of this in the past, this is a program that aims to financially assist those who are working in the public service sector by exempting them from paying their debts. This act was passed by the congress on October 1, 2007. Although it is a fact that this program has strict stipulations and conditions, this is still very helpful to those who have a low-paying job. The types of loans that fall under this program are the following: Federal Direct Plus loans, Federal Direct Consolidation loans, and even Federal Direct Stafford loans.

If you are employed under any public service job and you have made 120 successful payments in the past, then applying for this program will be a cakewalk for you. Some of the public service jobs that qualifies for this program are the following: police force, military, public health, education, and other government-related jobs (excluding serving in Congress/ Senate). This also includes librarians for public schools and even instructors for a tribal college.

Since this program was only approved 10 years ago (October 2007), payments before this said date are not counted. If you are planning to apply for this program, remember that you cannot use any extended repayment plan. All 120 payments should also be done while you are still employed for any of the jobs mentioned above. In case you decided to quit your job while paying your loan, you will not be eligible to apply for the student loan forgiveness program.

If you are employed in the public service sector and you have a low income, student loan forgiveness will help you a lot. Even though the stipulations and conditions for this said program is a bit daunting, that does not mean you will not qualify. Just make sure you do not quit your job and that you work for an extended period of time, you won’t have any problems applying for the student loan forgiveness program. The time and effort you will spend applying for this program will definitely be worthwhile because it will free you from your financial obligations. The student loan forgiveness program is something that you must use to your advantage.

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