Borrowers can get some relief from their mounting debt by applying for student loan forgiveness. They can always go online and connect with a student loan relief company to check if they are eligible.
Loan repayment and forgiveness
Student loan forgiveness programs are funded by the US government. Under this program, borrowers may have their entire student loans or a part of it forgiven. You need to fulfill some criteria to qualify for this. For example, as per Obama's new Student loan Forgiveness Program, debtors who make loan repayments through a repayment plan may get the remaining balance on their debt forgiven. However, this requires a 20-year period of regular payments. Also, some individuals participating in public service may seek loan forgiveness sooner. Another important point is that the borrowers must not have defaulted on the student loans if they are seeking those to be forgiven.
Who can benefit from Student Loan Forgiveness?
Certain careers offer student loan forgiveness programs as recognition of service to individuals. School teachers, members of the armed forces, social workers, and government employees may qualify for loan forgiveness programs.
Also, there is a Student Loan Discharged program particularly for teachers in place. To be eligible for this program, one must be a full-time teacher for five consecutive academic years in certain elementary or secondary schools. These schools and educational institutes must be catering to low-income families. If you are a teacher, and you meet these criteria, you may benefit from loan forgiveness of up to $17,500 combining your direct subsidized and unsubsidized loans.
How to apply for student loan forgiveness
Borrowers who are employed as teachers or are involved in some sort of public service, such as government workers, social workers, soldiers or paramedics, may be eligible to seek Teacher Loan Forgiveness or Public Service Loan Forgiveness plans on meeting some specific criteria. Most loan consolidation servicing companies assist eligible borrowers with the counseling and application process. One may go online and look for information on loan forgiveness.
Seeking the services of a reputed student debt relief company can ensure a smooth process for loan forgiveness.
If you are looking for Public Service Loan Forgiveness, then check www.tacticalcreditsolutions.org They offer Assistance to those who have federal student loan that carried a burden with monthly payment also on high interest rates.