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Different Ways of Securing Student Loan Forgiveness
The federal student loan forgiveness is the kind of term used when the educational loan is cancelled completely or just part of it. If for example that former student has taken advantage of this kind of loan to fund for his/her college or post college education chose to undergo federal student loan forgiveness, then it is integral that he/she passed several qualifications.
These qualifications or conditions include but is not limited to performing volunteer tasks, agreeing to teach in the assigned area or practice medicine, serving in the military and also being able to meet other criteria particularly the one stated by the loan forgiveness program. Keep reading to learn about the specifics of every criterion to be able to take full advantage of using loan forgiveness.
In reality, there are many different organizations that are offering federal loan forgiveness in the event that a student loan recipient has served them. You would become entitled for loan forgiveness program as you enlist to these organizations.
Now if for example that the student has got outstanding federal student loan and became a teacher full time, he/she could take part of his/her loan condoned assuming that the school where he/she teaches has most student population in low income bracket. Under this forgiveness program, for the first 2 years, 15 percent of their loan is forgiven, 20 percent will be forgiven after another 2 years and 30 percent for their 5th year and onwards. For this to take effect, the student will be required to contact first the local education department office in an effort to find out which schools are qualified as facilities that do provide government loan forgiveness.
There are of course many other ways that you can do to get loan forgiveness such as:
Number 1. For students working as law enforcement in the state of Alaska, they are entitled to get forgiveness. For every year of their service, 1/5 of Michael Murphy Loan is forgiven to any field they are studying so long as it’s related to law.
Number 2. Government as well as the state employees of state of Maryland earning not exceeding 40,000 dollars are entitled either for loan repayment or assistance for studies in fields relating to nursing, law, social work, education, occupational therapy and even physical therapy.
Number 3. Law schools are forgiving student loans as well for those who are serving non profit organization and the government. For interested individuals, they have to contact first the American Bar Association and Equal Justice Works.
If you want to get loan forgiveness program, then make sure not to take these things for granted.