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Easy Ways to Have Your Student Loans Forgiven Student loan borrowers live for the day when they’ll pay off their debt. For many, it’s so bad that they want to leave the country to avoid having to make payments. It doesn’t have to be so serious, as there are several student loan forgiveness options available. The federal student loan forgiveness programs provide a way to cancel or lower your balance in a relatively short amount of time. Based on your profession or repayment plan of choice, you have options to choose from. Being in default on your loans, automatically disqualifies you. This means you haven’t made a single payment in at least nine months. If you’ve taken out private student loans, you don’t qualify for student loan forgiveness, but may be able to negotiate directly with your lender. It is a good idea to contact your lender and discuss your options.
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If you’ve worked for a non-profit or for the government for at least ten years, your remaining balance will be forgiven. Professions that qualify for forgiveness range from nurses to military personnel. If you qualify for Public Service Loan Forgiveness, consider enrolling in an income-driven plan to save a lot of money.
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The type of loans that are eligible for Public Service Loan Forgiveness are federal direct loans. Borrowers that have loans from multiple sources, will need to consolidate them into their federal direct loans in order to become eligible. The company that manages your student loans will help you with your application. The company that manages your loans, will let you know if you qualify for forgiveness. They will let you know if you need to consolidate, as well as the required paperwork to complete. In order to remain on track, you will need to work with your employer to complete the necessary paperwork. Although annual completion of this form is recommended, it isn’t mandatory. If you’re with the same employer year after year, then a retroactive certification is an option to consider. Federal Perkins loan borrowers, are eligible to have their loans completely canceled after five years of public service work. If you’re not sure about your eligibility, there are detailed charts where you can check if your job qualifies. There are loan benefits available for teachers, as well as detailed guidelines to remain eligible. A a lot of subjects aren’t eligible, as well as most schools. Income-driven repayment plans allow you to pay a small portion of your monthly income toward your student loan debt. Your remaining loan balance will be forgiven after 20 years so, based on the plan you’re enrolled in. It’s best to consider your options and compare offers before choosing a program. Student loan debt is manageable, just make sure you select a repayment plan that works for you and don’t default.