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Understanding More about Student Loan Forgiveness Recent federal rules on student loans have offered hope for the many graduates who are struggling to fund their education or make repayments even as student loan debt increases. It’s unfortunate that even students who plan to repay these loans sometimes face unforeseen circumstances that make it hard to repay the loans as expected. In such situations, many think of student loan forgiveness and discharge programs as viable options to save themselves the burden and stress associated with repayments. Here are some points you should understand about these programs. What exactly is a student loan forgiveness program? This is when the loan lender agrees to eliminate all debts owed without further repayments after you have been involved in a specific type of public service or met certain eligibility requirements. Partial loan repayment is also available for students or graduates who agree to work in specific career fields, serve in the military or agree to live in certain designated locations. You can also qualify for loan forgiveness through discharge. You can only qualify for discharge programs if you are facing issues beyond your control that make it impossible for you to repay your loan. In either of the options, you will no longer make repayments once the processes are complete. What qualification options are available for loan forgiveness? The federal loan forgiveness programs available to students include the Public Loan Forgiveness Program and the Teacher Loan Forgiveness Program. If you want to qualify for a public loan forgiveness program, you need to work in one of the specified public areas of service and make monthly loan repayments in full over a certain time frame. For those after teacher loan forgiveness programs, qualifying requires that you be a full-time teacher in a low-income school or education institution for a minimum of five years consecutively. It’s important to know the specific eligibility requirements needed so as to qualify for the various loan forgiveness programs available.
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When can your student loan be discharged? There are various reasons you can qualify for student loan discharge such as bankruptcy, false certification of your eligibility for the loan, permanent or total disability of the borrower, closing of the school before the loan program is complete and death of the borrower. To qualify for these discharge options, you have to submit an application letter to the loan lender. In case you have taken a private student loan, you may not qualify for some of the discharge options above. Be sure to also know the eligibility requirements for each of the loan discharge options offered.
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Should I consider a student loan forgiveness program? Any student or graduate who can meet the eligibility requirements can apply for these programs. Such programs not only help you lower your debt but also leave no negative impact on your credit rating. If you don’t qualify for loan forgiveness programs, there are other alternatives you can opt for such as consolidation, refinancing and loan modification. Whichever option you choose, it’s important to get necessary guidance on how to qualify for such programs.