What qualifies you for student loan forgiveness?
Student loan debt can be a significant hindrance towards financial growth. These loans attract huge interest that makes it a tall order to clear the debt. However, depending on your career choice, you may become a beneficiary of student loan forgiveness.
Did you know you can escape paying your student loan? Getting out of your student debt is no doubt a huge relief. There are various legal approaches that you can adopt to qualify for the student loan debt forgiveness program. However, to qualify for any of these programs, you must meet the requirements.
- Join Public Service
Working for the public service is an essential step towards receiving student loan forgiveness. Under the Public Service Loan Forgiveness Program (PSLF), you must work for the government or a nonprofit organization for at least ten years. During this period, you’ll likely receive low pay as you pay off your debt. The best part about this program is that the amount forgiven won’t be taxed.
- Seek Disability Discharge
Disability can certainly change the course of your life in many ways. If you become disabled before clearing your student loan, the Total and Permanent Disability discharge program (TPD) will help you out. However, not all federal student loans are covered by this program. Be sure to check if this program covers your type of student loan. Upon application to this program, you are required to provide proof of your disability.
- Join the Military
Military officers enjoy some of the best student loan debt forgiveness programs. Every military department has its loan repayment program. On the other hand, if you are not interested in becoming a soldier, you can volunteer with the AmeriCorps or Peace Corps. This move is essential in offsetting a huge chunk of your debt, thus accelerating your hopes of achieving a debt-free status.
- Employer’s Help
If you do not qualify for these programs, then your employer could help. Most employers are currently helping their employees to offset their student debts. This has been made possible by the formulation of loan repayment benefits. However, employer benefits do not offer tax relief.
Conclusion
Enjoying student loan debt forgiveness does not mean that you do not pay anything. Instead, it is all about reducing the debt burden. The benefits offered by these programs are essential in ensuring you pay affordable rates comfortably.