Do you fear going into debt? Student loan debt is a huge problem in the USA today, thanks to the Student Loan Forgiveness program. If you apply for it on the right time then you can surely benefit from it.
The student loan in the US is worth more than $1.2 trillion dollars. Are you one of the millions of ex or present day college students facing the huge student loan debt? If your answer is a yes, you will be happy to know that there are several Federal as well as private programs available to provide with solutions and bring you out of the situation.
Student Loan Forgiveness Program is the ultimate solution to come out of the debts
The solution basically lies with the Student Loan Forgiveness. It is available in a variety of programs with different time limits for the repayments and the level of forgiveness. All the loan forgiveness programs that are currently operational take time in order to get approval. But the good news is there are certain ways that aids in getting the approval in less than two months time.
What are the most common and popular Student Loan Forgiveness programs available?
- Income Driven Repayment Plans under the Ford Direct Loan Program, with a time limit of 20 to 25 years
- Teacher Loan Forgiveness and Perkins Loan Cancellation Program for Teachers featuring 1 to 5 years forgiveness
- Total Permanent Disability Discharge, offering 100% forgiveness
- Public Service Loan Forgiveness with the time limit of 10 years
- Military College Loan Repayment Program with 4 to 6 years forgiveness
Students look out for loan forgiveness
Loan forgiveness is one of the prime goals of the students who seek a loan for their higher studies. But there are millions of students who are suffering from loan debts today. It is very important to look out for the right loan program. Moreover, thanks to the Loan Forgiveness programs that help the graduates and the university pass outs to lower their low payments. I have personally benefitted for the program and doing quite well for my living without the fear of going into debts.
What is the scenario with the private student loans?
The scenario is little different when you seek private loans. There are no such forgiveness loan programs associated with the private loans. But there are certain alternatives that you can give a try.
Speak directly to the lender
You can speak directly to the lender and ask for lowering the monthly loan repayment amount. This should be the first step when you are facing problem repaying the private loan for your education.
Private student loan refinancing
You can choose the option of refinancing your current loan. Such a step helps to lower the interest rates. Moreover, you can also make easier monthly loan payments.
Undertaking the deferment or forbearance option
The private loan lenders often offer the deferment or the forbearance option to those borrowers who are having difficulty in repaying the loan amount. Basically, both the options give a chance to postpone paying the amount for a certain amount of time. You have to keep in mind that the interest rate will raise.