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Have you ever been surfing the web and came across an ad that reads -“Click here to sign up now to have all your student loans forgiven“-boy if it was only that easy we would all be on cloud 9. Although most of these ads are misleading–there are some government approved programs that can help save you money.
Is your dream to become a teacher for primary or secondary school? If so, you could be eligible for the Teach Education Assistance for College and Higher Education(TEACH) Grant. You could receive up to $4,000 per year if you commit to teaching in a low income area for 4 years. One thing to note about this program is you must adhere to the guidelines of the program if not your grant can be converted to a Federal Direct Unsubsidized Stafford Loan which means you will need to repay all the money back. Click here for full details of the program
Perhaps you plan to take a different route and work for federal, state, or local government or maybe a not for profit organization–the Public Service Loan Forgiveness Program will forgive the balance of your student loans after you have made 120 payments. Note that this is assuming that you are employed at a qualifying job in order for any balances to be forgiven.
Student loans aren’t typically dismissed, however if one files for bankruptcy and files the adversary proceeding action- you must be able to prove to the courts that you meet the criteria of not being able to pay due to undue hardship on your family. You might have a chance depending on what the court decides. There is a possibility that your loans could be completely forgiven, partially forgiven, or renegotiated rates in the event you are ordered do repay. Learn more
If you become disabled permanently your loans can also be forgiven. You will need supporting documents from your doctor to validate your application once you submit them to the U.S. Department of Education. Being disabled is unfortunate but its good to know the rights you have in the event you or a loved one is impacted by these circumstances.
In the end knowing your options is key when determine whether or not you will be able to successfully have your student loans forgiven. The student loan crisis is becoming more problematic year after year. Knowledge is only power when applied to real life circumstances.
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