Most of today’s college students started out earnestly wanting to get a higher education hoping for a better future and assuming that in doing so they would provide well for their families. Yet, by the time the average student graduates from college, he or she will typically owe thousands of dollars in outstanding student loan debt to make payments on. With the economy still struggling, graduating students are not finding those high-paying jobs they were initially anticipating.
The government has come up with federal student loan forgiveness programs to help students who are struggling with their student loan payments. If you qualify, one of these loan modification programs may be able to provide instant debt relief for your student loans. One particular effort is called the Public Service Loan Forgiveness Program. This debt reduction program seeks to encourage people to get involved in public service jobs to reduce student loan debt, but amounts forgiven will only work on Direct Loan balances. In order to qualify, the borrower must take a job and be employed full-time as a public service employee for a designated amount of time.
The following are just some examples of public service positions:
• Mental Health Counselor
• Police Officer
The second requirement for student loan forgiveness grants is that the borrower must make 120 payments (or consecutive payments for ten years) on time while employed as a public service employee before becoming eligible for forgiveness. Once a borrower meets these requirements, the remaining loan balance may be forgiven.
Canty & Associates has the experience necessary, as well as helpful student loan consultants standing by, to make reducing your student loan debt hassle-free. If you are eligible for a student federal loan forgiveness program or to learn more about refinancing.
You may also submit your request here on our website and someone will get in touch with you in 24 hours or less.