Aug 12 · 2 min read
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A great way to get rid of your student loans is to get a little help. Depending on what type of loans you have, where you live, and who your employer is, there may be a student loan forgiveness or repayment assistance program available to you. Let’s get whyze and learn about the general details of both.
When it comes to student loan forgiveness & repayment programs, there are a number of them available. There are specific programs for government and non-profit employees, teachers, lawyers, nurses, doctors, members of the military, and anyone using one of the four income-driven repayment plans available to federal student loan borrowers.
While these programs all help you receive student loan forgiveness, each program is different.
When looking to receive student loan forgiveness or repayment assistance from one of these programs, you’ll want to know if you’re eligible, how to apply, and what requirements you must meet to actually get your loans forgiven.
Eligibility is typically determined based on where you work, how many hours you work, and what type of student loans you have.
Make sure to check the official website of each program you believe you qualify for to find the eligibility requirements. If you’re still unsure if you qualify after checking the website, don’t hesitate to call. These programs generally have contact numbers that enable you to talk to a representative.
After you determine your eligibility, you’ll need to understand the application process. Depending on the program, you’ll need to submit an application before, during, or after you meet the requirements of the program.
As an example, if you are looking to get your student loans forgiven through the Public Service Loan Forgiveness Program, you’ll want to submit an Employment Certification Form each year until you meet the requirements of the program. This form will allow the government to let you know if you are on track to getting your loans forgiven. Once you meet the requirements, you’ll then need to submit the actual Public Service Loan Forgiveness Program application.
You can typically submit applications for programs directly online, by mail, or by fax. Often with student loan forgiveness &apm repayment programs, you’ll also need to submit an employer certification. This proves you actually work where you say you do.
Once you’ve figured out the application process for your specific program, you’ll want to make sure you are aware of the requirements you must meet to have your loans forgiven. Typically, requirements consist of two main factors:
As an example, the Public Service Loan Forgiveness Program requires you make 120 qualifying payments before you are able to have your loans forgiven while loan forgiveness through income-driven repayment plans requires 15 to 25 years of qualified payments.
Knowing the requirements of your specific program is very important!
Unfortunately, many borrowers believe they are meeting the requirements of their student loan forgiveness or repayment program but are not. As they reach the end of the program, they shockingly find out they are not eligible to have their loans forgiven.
In order to avoid pitfalls like this, make sure to be whyze with getting additional help with your student loans. While student loan forgiveness & repayment programs can assist in getting rid of your loans, they each have their own requirements and application processes. As you explore different programs, make sure to gather information about eligibility, how to apply, and what requirements must be met to actually get your loans forgiven.