The United States government is about $20 trillion dollars in debt currently. The number is consistently climbing. 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 cases. So, what is a graduate to do if they cannot find a great paying job with their degree?
The good news is that there are well-known options like “deferment” of payments and income-based payment plans. However, many fail to realize that there are numerous grants and applications that can be used to lower your payments even further or have part of your balance forgiven.
Those who work in public service are the best candidates to have part of their loans removed. Teachers, lawyers, public defenders, and those who make less than 10K a year have a plethora of options for relief. You can also challenge the accrediting merits of a school in order to have your loan forgiven. The following programs are available for those struggling to pay off these insidious loans!
Public Service Loan Forgiveness
Forgiveness from an income-driven plan
Federal Perkins Loan cancellation
Loan forgiveness for teachers
Loan forgiveness for nurses
Loan repayment assistance for doctors and other health care professionals
Loan repayment assistance for lawyers
Additional student loan repayment assistance programs (LRAPs)
Military student loan forgiveness and assistance
Student loan discharge for special circumstances
If you are aware of the right procedure or the right form, it isn’t too difficult to solve or mitigate a legal issue. It may 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 mitigate the costs of going to school. If you are blessed 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 still encouraging to know that they are there!
Many states have recently begun to discuss the possibility of suspending driver’s licenses for unpaid student loans, treating them as if they were alimony or child support payments. The seriousness of the situation regarding our education system is reaching its capacity. Knowing these useful tricks and tips is more important than ever in these politically charged times that we are living in.