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What Kinds of Student Loan Forgiveness Programs Are Out There?
For many people, it’s impossible to go through college without student loans, but this does not mean they are easy to cope with long-term. Many, many loan recipients find themselves unable to make their payments at some point after they get their college degrees. Since you’re reading this article, it’s quite possible that you are actually one of these people. Hopefully the following paragraphs will provide you with some worthwhile pieces of information.
It is important to note that there are not a large number of circumstances in which student loan forgiveness is a legitimate option. This guide will aid you in learning about the most prevalent things that can result in forgiveness, though. You should also be aware of the fact that student loan forgiveness programs do not always eliminate all debt; sometimes they just eradicate a part of it.
The Public Service Loan Forgiveness Plan is Well-Known
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If you have taken any time previously to search for student loan forgiveness programs, something about the public service loan forgiveness plan likely popped up. Students who decide to become public servants for a particular amount of time after their college graduations can have their loans reduced or eliminated. Anyone can do this, but it’s especially common in specific industries.
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Law school graduates, for example, often decide to work in public defenders’ offices just so they can qualify for public service loan forgiveness. Medical students and social work major also frequently go down career paths that will eventually allow them to utilize this sort of student loan forgiveness program.
What Happens to Student Loans When a College Shuts Down?
Very rarely do colleges and universities close their doors forever. We have, however, seen it happening a bit more frequently with the relatively recent rise of for-profit schools and online-only schools. If the post-secondary institution where you earned your degree no longer exists, you should be able to have your student loans forgiven without a lot of trouble, though you will need to put together quite a few documents. Talk to a student loan counselor to learn more.
Can Student Loans Be Eliminated in Bankruptcy?
As a general rule, student loans are not able to be forgiven in bankruptcy. This is not, however, the case in every single circumstance. If you are wondering if you might be in the minority and your loans could be forgiven during your bankruptcy case, have a conversation with your lawyer; he or she can research the details for you!
Don’t get discouraged if you find out you’re not eligible for student loan forgiveness. There are a variety of other things you can do to lower your monthly payments to make them easier to handle. These include income based repayment options.