Many people may qualify for public service loan forgiveness without even knowing. In order to qualify for public service loan forgiveness there are a few requirements you must meet; you must perform volunteer work, military service, teach or practice medicine, or meet other specific criteria as stated by the forgiveness program you are using.
There are many loans that are eligible for forgiveness. If you have Federal Family Education Loan Program or Perkins Loan Program loans, you may consolidate them into a Direct Consolidation Loan to take advantage of Public Service Loan Forgiveness. However, only payments you make on the new Direct Consolidation Loan will be contributed to the 120 qualifying payments for Public Service Loan Forgiveness.
In order to receive the maximum forgiveness under the Public Service Loan Forgiveness Program, it is recommended that you repay your loans on the Income-Based Repayment Plan, Pay As You Earn Repayment Plan, or the Income-Contingent Repayment Plan, which are a few of the repayment plans that qualify for Public Service Loan Forgiveness.
Before you choose a repayment plan, it is vital to understand the implications and costs of that decision. The greater amount of time you spend making Public Student Loan Forgiveness-qualifying payments under a 10-Year Standard Repayment Plan, the less amount of money you will owe to meet Public Student Loan Forgiveness Program’s eligibility requirements.
Examples of volunteer work that qualify for student loan forgiveness are Americorps, Peace Corps, and Volunteers in Service to America. Students who are in the Army National Guard may qualify for their Student Loan Repayment Program, which offers up to $10,000. Students who become full-time teachers in an elementary or secondary school teaching students from a low-income family can have a part of their Perkins Loan forgiven under The National Defense Education Act.
As for those who work in public interests or work for non-profit organizations, your loans may be forgiven by many law schools. Many programs such as The US Department of Health and Human Services offers student loan forgiveness programs to physicians and registered nurses who agree to practice for a given amount of time in areas that lack adequate medical care.
Student loan forgiveness programs are not a quick fix, but in time they can greatly help you pay off your school debts. By using them you can pay off the loans you never thought you could otherwise. Continue to visit and check back for more tips and help on paying off your student loans.