A large percentage of college students have to rely on student loans to finance their studies. Getting into debt at such a young age can be bewildering because you are not really cognizant with how money works in the real world. Those of who are lucky to have parents that managed to put away money for their kid’s college education can get away with a lot, even failing a semester or two because they have someone who will foot the bill. College loans are depressing and they can keep you in financial shackles for the rest of your life.
There are stories of students who have worked their way through college and managed to graduate without the debt. However, it is a small percentage considering that over 70% of college graduates leave college with at least $28,900 of debt. There are ways to get out of student loan debt, especially if you have a federal loan:
#1. Income-Driven Repayment
This type of repayment plan allows you to pledge a percentage of your monthly income towards paying off your loan. Your loan balance will eventually be forgiven in 20 or 25 years. This might sound like a long time to be saddled with debt but it has worked for people who have large debt but do not earn enough to repay it quicker.
#2. Teacher loan forgiveness
If you are a full-time teacher and work for five consecutive years especially in a low-income public school you could have more than $17,000 written off your existing student loan.
#3. Public service loan forgiveness
The government will forgive your loans if you plan to dedicate yourself to the public service system for ten years. To qualify, you need to be in the public service sector and you might be required to pay some of it off but not all of it. They don’t give you a 100% pass but they do require a 100% commitment for 10 years of service.
#3. Perkins Loan Cancellation
If you have a Perkins loan and work in public service, you are eligible for a 100% cancellation of that loan. People who are eligible include teachers, nurses, police officers, public defenders, firefighters and a slew of other public service professionals. Perkins loans are disbursed directly by individual colleges. The best way to go about it is to call the financial office at your institution.
It is the best interest of any country and government to offer the best education to its future public service employees, that is why these loan forgiveness plans exist. Being in public service might not be as glamorous, but it is a worthy stepping-stone to dealing with student loans.
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Last update on 2019-05-25 / Affiliate links / Images from Amazon Product Advertising API