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Student Loan Forgiveness Provides An Amazing Chance


Student Loan Forgiveness Program

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About Discussion: Student Loan Forgiveness program, Student Loan saver, Student loan relief


Student Loan Forgiveness Provides An Amazing Chance To Move Forward Financially



Read More: Student Loan Forgiveness program Plan and Options


You may not know this, but you aren’t the only person in the boat of student loan debt. As a matter of fact, 44.2 million other people are in the same exact situation you are. That is, working hard and trying to figure out how to make ends meet while staying current on their student loans.

As of now, student loan debt is a major crisis on hand in the U.S. Student loan debt is at a staggering $1.4 trillion dollars, according to the Federal Reserve Bank of New York.

Filing bankruptcy isn’t a guarantee to cancel your student loans, but it is a guarantee black eye on your credit history report. Additionally, you can’t default, because defaulting impacts your credit score and will lead to possible wage garnishments and personal loan rejections.

So what do you do? Well, you should know that one in four Americans does qualify for some form of a student loan saver or student loan forgiveness program. They just don’t know it. So here’s some information to guide you forward and to keep you out of debt with your student loans.

What Is The Student Loan Forgiveness Program?

There are several types of loan forgiveness programs available to you. The most popular program is the Public Service Student Loan Forgiveness. This entails a ten years commitment to working in public sector jobs such as:

    • Emergency management.

    • Social work.

    • Child care.

    • Working with the elderly.

    • Professions that help people with disabilities.

    • Firefighters.

    • Law Enforcement.

    • More…


Read More: Getting An Education But At What Cost And Is It Worth It?


While the ten years is quite a haul, the pay off is quite amazing. Doing something you love like working with children could get you out of your whole student loan or a good chunk of it. The Department of Education’s website has the complete list of how you could qualify for this form of student loan relief.


Volunteer Programs


 You may qualify if you serve full-time in Peace Corps or Americorps. If you plan on serving with either two or have past experience with either one, you can get up to 70% of a federal Perkins Loan eliminated with four years service.

    • Two years=30% off Perkins loan balance.

    • Additional 3rd or 4th year will cancel another 20 percent.


Nurses And Teachers Qualify

If your passion is helping people in communities of needs or low-income areas, the Health Resources and Service Administration has programs that can add relief to your student loan.

A registered nurse working in a non-profit facility for three years of 32 hours or more a week—may receive as much as 85% off the loan.

Teachers in low-income areas or communities that really need educators, who work in eligible schools for five years and teach the subjects of Math, Science, and Special Education–could get as much as $17,500 off their federal Stafford loan.

What Are My Other Options?


You have options, which is the point. You don’t have to saddled by exorbitant monthly payments. In a case that you don’t actually meet the criteria above, but you still have loans on your hands, you can always call your loan officer and ask for a repayment plan based on income and ability to pay.

There are income-based repayment programs as well that are available for people who receive Direct subsidized and unsubsidized, Direct plus, and Direct consolidation loans.

Read More: Student Loan Consolidation

Other factors include:

  • Military service: After 2008, 100% forgiveness. Before 2008, in war zones or dangerous areas of combat, 50%.

  • People who are collection Social Security Income or Social Disability.

  • Mental and physical disabilities ranging longer than 60 months and expected to last another 60 months can have their loans canceled.

What Do I Need To Do Next?


The biggest thing to consider if you are swarmed with student loan debt is this…what can it hurt by asking and finding out?

Your first step of action is going on to the sites for help. Either check out the Dept. of Education’s website or go to HRSA.com and studentaid.gov. These are great places to start and gain resources.

There are 494,200 people, who signed up for the Public Service Student Loan Forgiveness program.

The Final Words

Student loan debt is a national crisis and will continue to be if people don’t take advantage of opportunities available. These programs are amazing because they give you a better payment option, a manageable timeframe and an end in sight. Not to mention, you won’t have to worry about the debt and blemish on your credit score.


The loan forgiveness program provides an amazing opportunity for you to get your life back on track by getting student loan relief and a better jump start on your future.

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