Did you know that Congress created a program called the Public Service Loan Forgiveness Program to encourage individuals to enter and continue to work full-time in public service jobs? Under this program, borrowers may qualify for forgiveness of the remaining balance due on their eligible federal student loans!
With all the new acts in place to assist graduates or people with student loan debt like you, there are repayments options that focus on more of your family size and annual household income as opposed to your conventional repayment plans. Given your current situation you have been qualified to take advantage of some of these programs.
The Teacher Loan Forgiveness program is probably the most beneficial of all the loan forgiveness plans available as teachers not only qualify for early forgiveness, but principal reduction as well. Teachers can be eligible for $5,000 to $17,500 in principal reduction on their loans under certain circumstances in the Teacher Loan Forgiveness program. The idea behind this principal reduction was to encourage young graduates to enter into a career of teaching, and also to continue that career. Teachers also qualify for complete loan forgiveness after 10 years of repaying their loans. Contact us for more information.
You may qualify for public service loan forgiveness if you work full-time in a public service job. After making 120 consecutive payments under certain repayment plans while working full time in a public service position, the balance of your Federal Student Loan would be completely forgiven.
A borrower may qualify for Total and Permanent Disability Discharge on their Federal Student Loans if they are unable to engage in any substantial gainful activity because of a physical or mental impairment.