The United States government is currently about $20 trillion in debt. The number continues to climb. With the collapse of Fannie Mae and Freddie Mac, financial institutions are more volatile 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 bankruptcy. So what should a graduate do if they can’t find a well-paying job with their degree?
The good news is that there are well-known options such as payment “deferral” and income-based payment plans. However, many don’t realize that there are plenty of grants and apps that can be used to lower your payments even further or have part of your balance written off.
Those who work in the civil service are the best candidates for the cancellation of part of their loans. Teachers, lawyers, public defenders and those earning less than 10,000 a year have a plethora of relief options. You can also challenge the accreditation merits of a school in order to obtain the cancellation of your loan. These following programs are available for those struggling to repay these insidious loans!
Cancellation of civil service loans
Exemption from an income-oriented plan
Federal Perkins Loan Cancellation
Loan forgiveness for teachers
Loan forgiveness for nurses
Loan repayment assistance for doctors and other healthcare professionals
Loan repayment assistance for lawyers
Additional Student Loan Repayment Assistance Programs (RRAP)
Exemption and aid for military students
Student Loan Release for Special Circumstances
If you know the right procedure or the right form, it is not too difficult to solve or alleviate a legal problem. It can take a lot of time and sacrifice, but the pain and suffering of waiting can also lead to fruitful rewards. Joining the military or applying for other scholarships are also great ways to lessen the costs of going to school. If you are lucky enough to come from a wealthy family, you must be resourceful enough to explore these options. Even if you choose not to exercise these options, it is always encouraging to know that they exist!
Many states have recently begun discussing the possibility of suspending driver’s licenses for unpaid student loans, treating them as alimony or child support. The seriousness of the situation regarding our education system is reaching full capacity. Knowing these helpful tips and tricks is more important than ever in these politically charged times we live in.