Many of the nation’s workforce struggle with paying student loans. It is definitely a burden to both them and their families.
There is not reason to struggle to make these payments. There are programs available to help. They will assist you in either reducing, or possibly even paying off, your student loan balance.
Here is a little bit of information about a few of these programs. For more detail and to find out which programs are a fit for you, call the Student Loan Relief Helpline at 877-827-3868.
What is Student Loan Forgiveness?
Certain situations will allow federally backed student loans to be either discharged or forgiven. In order for a loan to be discharged, there must be circumstances beyond your control which prohibit the repayment of the loan. In addition, you need to have a 120 on-time payment history for the loan.
Requirements for student loan forgiveness vary depending on the type of loan, but most offer forgiveness for those employed in certain public-service occupations.
Other programs are available if you have had a reduction in your income. You may also be eligible for one of the contract employment offers. These may mandate an employment period at select non-profits, in exchange for the loan to be paid in full.
How much of the loan will be forgiven?
It varies from program to program. While it can be as much as 85% of the outstanding debt, it is often less than this.
The programs are available to people with careers in public service or to those who are employed in areas with shortages of skilled labor pools. Some of these professions include:
- Social Workers
- Public Defender Attorneys
- Child or family service workers of a public or non-profit agency
- Law Enforcement
- Speech Pathologists
- Peace Corp Volunteers
Take the time to not only check into federal assistance, but also state level programs as well. Many times, they have their own programs to help with loan forgiveness. In some cases, you may be required to sign up prior to starting school.
Student loan debt is overwhelming, however, using a program can help. You may be able to not only reduce your burden, but possibly eliminate some of your debt.
While I’ve shared a bit of information about these programs here, you will also want to reach out to the Student Loan Helpline (free call) at 877-827-3868. They will be able to help you navigate the programs. They will see if they can’t help you really find the relief you need.