The job market for young graduates along with the skyrocketing costs of a college education mean more young people are struggling from student loan debt than ever before. If you’re one of millions of people who are struggling to make minimum payments on your student loans, you may be wishing there was a way you could just snap your fingers and have your debt disappear. While the answer isn’t that easy, there are ways you can actually have some or even all of your loan forgiven, discharged, or cancelled, leaving you debt free. That being said, qualifying for these forgiveness programs is somewhat rare. Here are a few of the more common programs you may be able to take advantage of.
Public Service Loan Forgiveness
This is perhaps the most expansive student loan forgiveness program, as it is available to a wide variety of employees on different levels and in different locations, so long as they work for a federal, state, or government institution. 501(c)(3) organizations also qualify. If you have made 10 years of payments (120 total payments), then you might qualify for 100 percent loan forgiveness.
Teacher Loan Forgiveness
Teachers can qualify for several different loan forgiveness programs, including the aforementioned public service loan forgiveness program. The national loan forgiveness program also helps teachers who work in a qualifying school for at least five consecutive years pay back their loans. Where and what you teach also influences these programs: elementary school teachers don’t usually receive the same amount as those who teach math, science, or special education at a secondary school.
Nurse Loan Forgiveness
The NURSE Corps Loan Repayment Program helps nurses who work in underserved communities have up to 60 percent of their loans paid over two years of employment, with an optional 25 percent for a third year of service. Registered nurses, nurse practitioners, or nurse faculty members who serve in high-needs areas qualify.
Military Loan Forgiveness
Army, Navy, Air Force, and National Guard members can all qualify for loan repayment assistance programs. The Army’s College Loan Repayment Program pays up to one third of your loan costs every year for three years, up to a total of $65,000 in aid. The National Guard’s equivalent contributes up to $50,000. There are other programs you may qualify for as well—talk to an Irving bankruptcy attorney about them today!
Student Loan Discharge for Special Circumstances
If you acquired student loans but then extenuating and extremely rare circumstances prevented you from completing your studies and obtaining your degree, you may be able to have your loan discharged. For example, if you were pursuing your degree and your university was forced to shut down, you could potentially have your loan discharged due to these circumstances.For more information about debt forgiveness programs, call J. Roland Jeter, P.C. to find out if you qualify or get help applying for which options are right for you.