Law school can be a massive investment – you spend $100,000 or more on tuition and other related costs within the first year of attending law school. With student loan debt being an issue for many students and parents these days, you might have thought that getting student loan forgiveness would be pretty easy. Unfortunately, it’s not as easy as it sounds because there are many nuances that must be taken into account when applying to the government for relief. In this blog article, we’ll provide you with some
The Basics of Getting Student Loan Forgiveness
There are many ways to get student loan forgiveness, but there are five basic steps to getting it.
To get a student loan forgiveness, you can qualify by working in a field that benefits the public or if your employer is offering to pay off your student loans. You may be able to get student loan forgiveness even if you don’t qualify for any other programs like Public Service Loan Forgiveness.
Basic Guidelines for Getting Student Loan Forgiveness
There are many options for how to get student loan forgiveness. There is a basic, but effective process that you can follow to help you get your student loan forgiven. This process includes completing all the paperwork, making sure your income meets the requirements, and going in for an interview with your lender.
There is no one-size-fits-all method for getting your student loans forgiven. However, there are some guidelines and requirements that most students can follow in order to meet their eligibility and get a better chance at loan forgiveness.
How to Apply for Student Loan Forgiveness
As of September 2017, the federal government began the National Student Loan Forgiveness Program which offers borrowers the opportunity to have their student loan debt forgiven after 10 years.
Student loan forgiveness can provide some relief to all of the debt you amassed while trying to obtain your degree. There are a few guidelines that must be followed, though. The first thing you should do is make a list of all of your federal and private student loans so you can properly allocate the government’s forgiveness funds accordingly. Usually eligibility for loan forgiveness is determined by making 120 or more consecutive monthly payments on any eligible loans.
Examples of Successful Government Applications
The key to getting student loan forgiveness is to apply for the right type of loan forgiveness. You can do this by gathering important information, knowing your options, and speaking with a qualified professional who will help you through the process.
The government offers a number of financial relief programs. One such program is called the Public Service Loan Forgiveness Program. This long term forgiveness plan will allow you to have your loans forgiven if you get full time employment in certain public service professions. The forgiveness programs often offer benefits that range from tax deductions and reduced homeownership costs, to interest-free payments plus loan repayment assistance.
The average person who goes through the process of obtaining student loan forgiveness will have to pay off their loans for 10-25 years. The process is not easy and it’s best to consult a tax attorney, financial advisor or legal counsel before applying for student loan forgiveness.
If you are struggling to repay your student loans then it’s important to know what options you have. You might be eligible for loan forgiveness, if you can prove that your loans are being used primarily for public service work after graduation.