Student Loan Forgiveness Programs for (Defaulted Student Loans) College Graduates
Student loans are often necessary to finance a college education. However, many graduates find it difficult to repay student loans after graduation.
While there is a grace period of six months before graduates must begin repaying loans, in today’s job marketplace it may take longer to secure employment and often new graduates begin at low salaries making it difficult to repay student loans.
Student loan forgiveness programs will officially “forgive” all or part of the loan amount, which means that that amount does not have to be paid back. There are student loan forgiveness programs for teachers, nurses, doctors, lawyers, and other professions.
Tip! The payment period can be extended. You can then give attention to earning money rather than making several monthly student loan payments.
Student loan forgiveness may be possible for teachers by working full-time in an elementary or secondary school in low-income communities. Many education majors and others preparing for a teaching career take out Perkins loans. If a teacher meets certain qualifications it may be possible to cancel the entire Perkins loan. Perkins loans are provided by the individual college or university, so graduates will need to contact the financial aid department of the college attended to get information on debt forgiveness.
Tip! With student loan debt consolidation, the debt is usually discharged at the death of all borrowers. So, you won’t be leaving an unnecessary burden behind on your co-signers or family members.
Health care workers and medical professionals may also qualify for student loan forgiveness programs. Working in low-income communities or areas with a shortage of medical personnel is one way of qualifying for some programs. Health professionals can also have a set amount repaid on their behalf if they are conducting medical research through a special program offered by the US National Institute of Health.
Graduates of a variety of disciplines may consider the Americorps and Peace Corps volunteer’s student loan forgiveness programs. Americorps volunteers help in many areas of community service and receive an education award of $4,725 for a year of full-time service which can be to repay student loans.
Tip! SS – Subsidized Federal Stafford Loans & Guaranteed Student Loans (GSL) 2. DSS – Direct Subsidized Stafford Loans 3.
Peace Corps volunteers are eligible for a 15 percent cancellation of their outstanding student loan balance for each year of Peace Corps service. Additional educational and financial benefits are available.
If you have large student loan balances, check into the many student loan forgiveness programs available in employment and volunteer opportunities that can help you reduce your debt.
Getting Debt Relief In California During Economic Slowdown
Increasing numbers of [Americans] are having serious money problems. Bankruptcy is an option but the laws have changed and it is not always the best way forward. Some people find themselves in financial trouble because of a job loss or abundant medical bills. Remember that there are others just like you and there are ways to overcome this situation. Although relief from debt cannot be achieved overnight it can be relieved gradually but will only vanish completely when it is paid off.
You can see advertisements in the newspapers and TV commercials about California debt relief every day. I caution you against committing to anything that is heavily advertised without knowing exactly what you are getting yourself into. It has reached the point where the Federal Trade Commission has stepped in to try and stop citizens from using these companies. Quite often you’ll still end up with a bad credit record which may have been made worse by the company that was helping you.
You may not notice your California debt relief immediately but it is good to start the process off. Your situation with your creditors is important because if you keep them informed they should be able to help you with lower interest rates or monthly payments. Your credit rating may be helped by any plan they start to help with repayments.
Don’t dismiss specialist credit counseling although they may charge you a small fee, quite often there isn’t a fee. Like so many things in life, an impartial eye can see things you may not, and discussing the situation with your creditors is easier for them.
The specialist services know exactly what will hurt your credit rating and will warn you against them. Don’t be afraid to contact them because they can provide a large amount of guidance that finds you some California debt relief. If you own your own home and there’s spare equity available, it may be worth going to your bank and requesting an equity loan especially if you are working a regular job. The possibility of losing your home and another debt may not be what you want at this stage. Have you considered the benefits of a second job, even part-time, the income would help your situation?
More and more families have spouses with more than one job to help with food as well as California debt relief. If you only use this method as a temporary measure until your financial situation improves, it won’t take long before you can live comfortably again.
Whatever you do, don’t forget to cut up the credit cards because you are less likely to get into more debt without them.
Do you need California Debt Relief? Click Here to get the most updated information on California Debt Relief. It also provides you with top-notch information on Debt Relief and provides you with tips on how to get one.