The United States government is approximately $20 trillion in debt today. The number is constantly going up. 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’s a graduate to do if he can’t find a good paying job with his degree?
The good news is that there are well-known options like “deferment” payments and income-based payment plans. However, many don’t realize that there are numerous grants and applications that can be used to further reduce your payments or have some of your balance forgiven.
Those who work in public service are the best candidates to have part of their loans taken away. Teachers, attorneys, public defenders, and those making less than 10K a year have a plethora of relief options. You can also challenge a school’s credit for loan forgiveness. The following programs are available to those struggling to pay off these insidious loans!
Public Service Loan Forgiveness
Income-Based Plan Forgiveness
Federal Perkins Loan Discharge
Teacher Loan Forgiveness
Nurse Loan Forgiveness
Loan repayment assistance for doctors and other health professionals
Lawyer Loan Payment Assistance
Additional Student Loan Repayment Assistance Programs (LRAPs)
Military Student Loan Forgiveness and Assistance
Student Loan Forgiveness 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 can 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 lucky enough to come from a wealthy family, you should have enough resources to explore these options. Even if you decide not to exercise these options, it’s still reassuring to know they’re there!
Many states have recently begun discussing the possibility of suspending driver’s licenses for unpaid student loans, treating them like alimony or child support payments. The seriousness of the situation of our educational system is reaching its maximum capacity. Knowing these helpful tips and tricks is more important than ever in these politically charged times we are living through.
