Repaying student loans is a huge hassle. You may not be working in the field that you expected, and you might not be earning as much as you had planned. Paying off student loans each month can seriously affect your ability to save money for a house, car or family expenses. There are ways, however, to reduce or even cancel your student loan debt. By learning how to get student loan forgiveness, you may be able to lower your monthly payments or even free yourself completely from student loan debt!
Several ways exist for reducing loan payments. You may be eligible for loan forgiveness, income-sensitive repayment or loan cancellation. Many people choose to consolidate their loans, which compiles all of their existing loans into one. After consolidating, they only have to make one monthly payment and often receive a reduction in the balance or interest rate. It is very important to have your accounts in good standing if you wish to reduce your payments. Accounts in default or with late payments will not be considered.
In order to get loan forgiveness or cancellation, you must qualify for an existing program. Not just anyone is eligible, and some programs only apply to certain loans. Some full-time teachers are eligible to have part of their loans forgiven. They must work in low-income schools for at least five years and have received their loan after 1998. Other public service jobs are eligible for either total loan forgiveness or cancellation of a percentage of any Perkins loans. If your school closed while you were enrolled or you are permanently disabled, you may be eligible for cancellation of your loans. Some income-based repayments options even offer forgiveness after twenty-five years.
Student loans can seem unmanageable, but options for lowering payments or even loan forgiveness do exist. It can be difficult to determine if you are eligible and how to apply for some programs. Finding a professional to advise you what programs you qualify for can be helpful. If you are eligible for any existing programs, you may be able to lower payments or have your debt canceled. By applying to student loan forgiveness, you may finally get to live debt-free.