Student Loan Forgiveness
Student loan forgiveness program is one of the most popular way to relief student loan debt in U.S. This program was provided by federal government, objective is to helping students repay their student loans debt without causing any financial hardship. Student who eligible to this program is require to work for public service or as a government servant for certain years. The loan forgiveness program discharges debt remaining on federal loans after 10 years of full-time public service employment.
The borrower must be employed full time in public service during the whole period (120 monthly payments). The employment for public service included public defender, prosecutors and various positions in government, military and law enforcement. Borrowers are allow to break during the public service employment, but have to make 120 payments during the repayment period.
Some benefits of loan forgiveness program
1) Peace Corps - an agency of the federal government devoted to world peace and friendship. Mainly are promote a better understanding of other peoples on the part of Americans. Borrower work for Peace Corps will receive vacation time, pay and living expenses, transportation to and from the country of service and deferment of student loans.
2) Americorps Vista - is the national service program developed specifically to fight poverty in the U. S. serving full time in nonprofit organization, local government agency or etc. Borrower receive a modest living allowance, health care benefits while in service, childcare assistance while in service and student loan forbearance or deferment while in service.
3) Teaching - become a full time teacher in public school. Perkin loan of borrower will be forgive, 15% loan forgives for 1-2 years, 20% for 3-4 years, 30% for the fifth. After 5 years 100% of the loan is forgiven. Loan forgiveness is also available through the Direct and FFEL Consolidation Loan programs.
There are may more loan forgiveness programs for other specialties, borrower who are interest to know more of the program may check with HR department of company, contact the local volunteer organizations to find more information regarding loan forgiveness.
For more student loan information, please check out Student Loans Guide instead of Student Loan Forgiveness
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