Borrowers may qualify for various student loan debt relief options to repay their loans.
If you are still unsure of how to repay student loans, this article will help.
There are quite a number of specific requirements depending on the debt relief options.
More importantly, the best option for you depends on the career and financial situation you have.
(Did You Know? Student Loan Forgiveness is a roundabout way to “wipe out” student loan debt. With several available student loan forgiveness programs offered by the Dept. of Education, borrowers are possibly able to qualify and apply for a forgiveness plan that might be a good fit for them. This free guide will help you discover all the ins and outs of qualifying and applying for a forgiveness program that you may be able to take advantage of today. Click here to learn more and get the free guide.)
Be Debt-Free with Student Loan Debt Relief Options
This post was originally by FinancialWellness.org and shared with permission
1. Teacher Loan Forgiveness
As an educator, you’ve had your share of ups and downs.
But you pulled through. After five years of teaching full-time, you definitely deserve a break.
This is it.
Depending on your qualifications and your type of loan, there are two programs you may apply for.
These are Teacher Loan Forgiveness and Teacher Loan Cancellation.
2. Public Service Loan Forgiveness (PSLF)
Do you plan to work for the government or a not-for-profit organization?
Have you given any thoughts to volunteering with the AmeriCorps or Peace Corps?
If your answer to any of these is yes, then you may qualify for the Public Service Loan Forgiveness Program (PSLF).
Just make sure to fill out the necessary forms early on.
3. Loan Forgiveness for Nurses
As with teachers and civil servants, nurses give a lot back to the community.
Think of your loan forgiveness as good karma.
As a nurse, there are a number of ways you can qualify for forgiveness.
One option is the Nurse Corps Repayment Program.
This particular program is for nurses working in either an eligible hospital or an accredited nursing school.
4. Loan Forgiveness for Doctors
Yes, Doctors are also part of this list.
Medical school tuition fees are among the most expensive.
Likewise, most doctors only receive minimal salaries until after training.
As a Physician, you may qualify for the PSLF, or choose from either the Pay As You Earn (PAYE) or Income-Based Repayment (IBR) program.
Want to see the full article?
After assessing your student loan needs, consider these relief options.
Loan forgiveness is one of the most popular forms of student loan aid because of its practicality.
Sure, it takes some time, but you will not even notice it.
Moreover, with most forgiveness programs, you will no longer be required to pay the balance after the required repayment period.
There are always ways to get out of debt.
All you have to do is research and ask.
(Bonus Tip: Want all the pros and cons of student loan forgiveness all in one easy and accessible spot? The Definite Guide To Student Loan Forgiveness will go over each type of forgiveness program and weigh your options for you, so you don’t have to. Click here to get more info on the free guide.)
Do you have other advice for repaying student loans? Let us know in the comments section below.
Up Next: Income-Based Repayment Plan