The U.S. government is currently about $20 trillion in debt. The number keeps growing. After the collapse of Fannie Mae and Freddie Mac, financial institutions are more unstable than ever.
For many college graduates, student loans can feel like a financial death sentence. Child support, taxes, alimony and student loans are generally unforgivable in bankruptcies. So what’s a college graduate to do if they can’t find a good paying job with their degree?
The good news is that there are well-known options such as deferring payments and income-driven repayment plans. However, many do not know that there are numerous grants and applications that can further reduce payments or forgive a portion of the balance.
Those who work in public service are prime candidates to have a portion of their loan forgiven. Teachers, attorneys, public defenders and those earning less than $10,000 a year have a plethora of relief options available to them. You can also challenge a school’s accreditation to have your loan forgiven. The following programs are available to those struggling with repayment of these insidious loans.
Public Service Loan Forgiveness
Income-driven plan forgiveness
Federal Perkins loan forgiveness
Teacher loan forgiveness
Nurse loan forgiveness
Loan repayment assistance for physicians and other health care professionals
Loan repayment assistance for attorneys
Supplemental loan repayment assistance programs for students (LRAP)
Loan forgiveness and loan assistance for military students
Student loan forgiveness for students under special circumstances
If you know the proper procedure or form, it is not too difficult to resolve or mitigate a legal problem. It may take a lot of time and sacrifice, but the pain and suffering of waiting can also bear fruitful fruit. Joining the military or applying for other scholarships are also good ways to reduce tuition costs. If you are lucky enough to come from a wealthy family, you should be resourceful enough to explore these options. Even if you don’t take advantage of these opportunities, it’s still encouraging to know that they exist.
Recently, many states have begun discussing the possibility of suspending driver’s licenses for unpaid student loans and treating them like child support payments. The seriousness of the situation in our education system is reaching its limits. Knowing these helpful tips and tricks is more important than ever in these politically charged times.