0
There are different student loan forgiveness programs out there to help pay off your loans. Some sites are: www.finaid.org/loans/forgiveness.phtml and also www.staffordloan.com/repayment/forgiveness.php.
Wiki User
∙ 12y ago
Add your answer:
Earn +20 pts
Is there such thing as student loan forgiveness?
"Loan forgiveness" means that another entity is paying the loan. It does not mean that the loan is erased and it is not an option for an inability or unwillingness to pay the loan as agreed. Depending on the situation, the military offers some loan forgiveness programs. Some states offer partial loan forgiveness for teachers after a specific number of years in the classroom. All the programs require military service, volunteer work or employment in a profession like teaching or nursing. You can read more here: www.finaid.org/loans/forgiveness.phtml
Government Loan Forgiveness For Students?
In this day and age, there are various government loan forgiveness programs and opportunities available. A student who makes regular payments on a loan for over 25 years is eligible for forgiveness. Someone who becomes injured or suffers some from some other situation can have the same thing happen. A student or former student should always look into these opportunities. Without a doubt, most people would love to have their loans forgiven at some point.
Student Loan Forgiveness Reduces Debt?
To encourage certain career choices, the Federal government sponsors student loan forgiveness programs that can help recent college graduates greatly reduce their debt load. These programs are attached to the Perkins and Stafford student loan programs. Teachers, lawyers, nurses and some other professionals can greatly benefit from taking advantage of this opportunity to lower their debt and move on with exciting and rewarding careers. The professional organizations pertaining to these careers have information on the availability of the programs. Most colleges also can provide guidance in taking advantage of the opportunity.
What are the terms of student loan forgiveness?
To go about getting a student loan forgiveness, I suggest talking to whoever runs the student loans at your university or college. Just try and get them to cut your student loan down a bit. Check out this website for more details: http://www.loansavers.org/qa-how-do-i-go-about-getting-forgiveness-for-my-student-loans-by-teaching-in-a-high-needs-school-2778.html
Student Loan Forgiveness?
Graduates who are interested in having a part or all of their student loans repaid should take the time to learn as much as they can about the student loan forgiveness program offered by the federal government. Students with either federal student or private student loans can have some or all of their student loan debt forgiven by the federal government simply by taking advantage of certain employment and volunteer positions in disadvantaged neighborhoods or by joining the military.The Student Loan Forgiveness ProgramCertain professionals such as doctors, lawyers, nurses, teachers and military professionals that take advantage of certain programs can have their student loan forgiven by participating in eligible programs. Although the Student Loan Forgiveness program is offered by the federal government, the program is available to students with both federal and private student loans.The Student Loan Forgiveness Program is a Good Alternative to RepaymentFor graduates who are having trouble meeting their repayment obligations, the Student Loan Forgiveness Program may be their best option. By taking advantage of this program many students can have some or all of their student loans, including private loans repaid by the government.There Are Many Programs That Offer the Student Loan Forgiveness ProgramGraduates who are interested in taking advantage of the Federal Student Loan Forgiveness program will find that there are quite a few number of work and volunteer opportunities to choose from, including but not limited to the military. To take advantage of the program, teachers, doctors and lawyers may find themselves offering their services in low income areas.Students May be Liable For Taxes if Their Student Loans Are ForgivenDepending on the provisions of a graduates student loans, graduates who have their student loans forgiven partially or in full may have to pay taxes on the amount forgiven on their student loans. However, that is not always the case so it is important that graduates check the provisions of their loan to determine if in fact they will be required to pay taxes on any portion or all of the student loan debt that is forgiven by the federal government.
How does student loan forgiveness work?
Student loan forgiveness is forgiven if one doesn't have any money at all to pay of the loans. This doesn't happen often but some companies forgive the loans when it is proven in court that one cant pay the loan.
Benefits of the Student Loan Forgiveness Act?
If you accumulated student loan debt while you were in college, it is important to research the stipulations of the Student Loan Forgiveness Act. This piece of legislation was designed to reduce the load of debt repayment in some situations. The Student Loan Forgiveness Act provides for Income-Based Repayment. This benefit can help if you are a low-income household. The Act also provides for debt to be forgiven in some situations after a certain time period has passed.
Do you have to repay a federal student loan?
Everyone has to repay the federal student loans. However some people are eligible, dependent on the job that they get after graduation, to have loan forgiveness for a portion of their loan. In that case they will only have to repay the portion of the loan that is not forgiven.
Which websites offer information on student loan forgiveness?
IBRinfo and finaid dot com are some of the places to start looking information on student loan forgiveness. According to law, people can benefit from certain rules like removal of student loan debt if one serves for more than 10 years in public service.
Are student loans forgivinen at age 65?
In general, student loans are not automatically forgiven at age 65. However, there are some loan forgiveness programs, such as the Public Service Loan Forgiveness program, that may forgive remaining loan balances after a certain number of qualifying payments. It's important to research and understand the specific requirements of any forgiveness program you may be eligible for.
What is government loan forgiveness and how to apply?
There are some companies that will pay off your student loans if you work for them for a certain period of time. As for loan forgiveness, please don't take this the wrong way, but I don't think that other people should pay for your college simply because you think you picked the wrong career. And, that is what loan forgiveness is. If your loan is forgiven, that means that the government will reimburse the bank for your loan. This means that the taxpayers (the rest of us) will be paying for your college.
Should student loan be forgiven?
No. You are stuck with it. Now, because you quit you can't make the money you could have earned to pay back the loan. Not smart.
