Student loans are killing Americans
The United States government is approximately $ 20 trillion in debt today. The number is constantly increasing. With the collapse of Fannie Mae and Freddie Mac, financial institutions are more volatile than ever.
For many college graduates, student loans can seem like a financial death sentence. Child support, taxes, alimony, and student loans are generally unforgivable in bankruptcy cases. So what can a graduate do if he can’t find a high-paying job with his degree?
The good news is that there are well-known options like “deferral” of payments and payment plans based on income. However, many do not realize that there are numerous grants and applications that can be used to further reduce your payments or have part of your balance forgiven.
Those who work in the public service are the best candidates to have part of their loans eliminated. Teachers, attorneys, public defenders, and those who earn less than 10,000 a year have a wealth of options for help. You can also question the accreditation merits of an educational institution to have the loan forgiven. The following programs are available to those struggling to pay off these insidious loans!
Public service loan forgiveness
Forgiveness from an income-based plan
Federal Perkins Loan Cancellation
Teacher loan forgiveness
Nurse loan forgiveness
Loan repayment assistance for doctors and other healthcare professionals
Attorney loan repayment assistance
Additional Student Loan Assistance Programs (LRAP)
Military student loan forgiveness and assistance
Cancellation of student loans for special circumstances
If you know the correct procedure or the correct form, it is not too difficult to solve or mitigate a legal problem. It may take a lot of time and sacrifice, but the pain and suffering of waiting can also bring 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 to come from a wealthy family, you must have the resources 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 in our educational system is reaching its capacity. Knowing these helpful tips and tricks is more important than ever in these politically charged times.