Federal student loan forgiveness programs are centered on one goal: eliminating all or part of a graduate’s educational loans. There are many programs that offer such services in return for time, support, services, and other necessary qualifications. Although these programs frequently have strict stipulations, they are often a godsend to graduates who are struggling to keep up with their student loan payments. If you are looking for ways to reduce or eliminate your student loan debt, consider the following tidbits of knowledge to aid your investigations.
How to Qualify for Federal Student Loan Forgiveness Programs
The requirements necessary to enroll within federal student loan forgiveness programs are quite simple. The borrower must either be willing to enroll in approved volunteer programs, perform military service, or either teach lower levels or practice medicine in qualifying areas. There are various other programs that are less well-known available for legal graduates, clinical medical researchers, veterinarians, law enforcement professionals, and the like.
Know Your Area of Expertise
Performing research and investigating the available federal student loan forgiveness programs in your state is vital in order to optimize the amount of debt that can be eliminated. For example, without properly exploring the state programs available in Mississippi, a graduate may not be aware of the Teacher Loan Repayment program that is geared toward teachers that have their Alternate Route Teaching License. Finding the programs unique to your area is important if you are to find federal student loan forgiveness programs that will suite your specific needs.
Research the Programs
Many federal student loan forgiveness programs offer partial or complete debt elimination if the recipient agrees to move to remote areas, low socioeconomic regions, or otherwise undesirable expanses. Be sure to review all program requirements before you agree to any forgiveness program, or you may find yourself as a State Trooper for the next three years in Alaska. Many federal student loan forgiveness programs have relocation stipulations or time frames in which to meet certain criterion; don’t agree to anything unless you have reviewed all presented information and are fully away of what actions are expected of you.
Know the Loan
There are certain categories of federal student loan forgiveness programs geared toward specific loan types. Specifically, Stafford and Perkins loans have cancellation programs explicitly for their use only. Knowing the type of loans, the amount of borrowed monies, and the number of individual loans will help you determine which programs you should avoid and which require further investigation.
All in all, there are several federal student loan forgiveness programs available for graduates from a myriad of careers. Although most of the focus is placed on teachers and medical professionals, a little research will yield several programs available in your state that will help to reduce or eliminate your borrowed monies. Any graduate that is willing to spend a little of their own personal time and effort on their community is capable of benefiting from forgiveness programs.