If you owe a student loan in Indiana and cannot pay it off, you might be eligible for student loan forgiveness. In this quick guide, find out how to take advantage of the program and what requirements you’ll need to meet.
What is Student Loan Forgiveness?
Student loan forgiveness can be a difficult process to navigate and there are many requirements that need to be met to receive it. Most of them vary by state as well, so you should check with your school or loan company for the necessary information.
Student loan forgiveness is the process of reducing, or eliminating the balance on a student loan after ten years of payments. In some cases it can be as high as $50,000. It’s currently offered in 23 states and it’s been used by 4.1% of Indiana students in 2016.
What are the qualifications for the program?
To qualify for the Indiana Student Loan Repayment Program, you must be a resident or an in-state student (enrolled in a degree or certificate program at Indiana University Bloomington) with loans from the following agencies: Federal Direct Loans, Federal Perkins Loans, and William D Ford Federal Direct Loan Program.
A student loan forgiveness program is set up in Indiana for those who work or invest in a qualified business. The qualifications for the program are set to three years of continuous employment or investment.
How to apply for forgiveness in Indiana
In order to apply for loan forgiveness in Indiana, you must file a resignation letter with the lender and get proof that you meet the qualifications. You’ll also need to contact your student loan servicer and find out if they offer any assistance.
There are many ways to qualify for student loan forgiveness in Indiana. Some include military service, public service, and entering public service after graduation. If you meet any of these requirements or want to find out if you qualify, the best way to do this is by filling out the I-20 form. The form will ask you a series of questions that will indicate if you qualify for forgiveness.
How will I know if I am eligible for student loan forgiveness?
You may be able to get student loan forgiveness for your federal loans if you meet certain qualifications. To qualify, you must have taken out a federal loan between July 1, 2011 and June 30, 2016 and either you or your former school must not have been cited for violations of the law during that time. The amount forgiven will depend on how much money you owe on your loans.
* You have a bachelor’s degree from an accredited institution in Indiana. * You have no outstanding balance on the loans you borrowed for undergraduate study. * The debt is consolidated on the eligible loan (if the loan is eligible for consolidation) through either the FFEL or Direct Loan Program before July 1, 2010.
Conclusion
It may not be easy to find out if you are eligible for student loan forgiveness in Indiana. However, there are some steps you can take to find out if you are eligible for the program and which repayment plans could be available to you.
If you are a student loan borrower in Indiana, it is possible to get student loan forgiveness. Some requirements for the student loan forgiveness program include that you have an undergraduate degree and make payments on your federal loans. To qualify for the program, you will also need to work at least 10 hours per week.