You worked hard in school. You got into the college of your choice. You made good grades, and you graduated with Pomp and Circumstance. Now what? Are you on your on your way to your dream job? At the end of 2013, American students owed approximately $1.08 trillion in aggregate student loan debt. Nowadays, instead of choosing a career based on your interests, aptitudes, or values, any job that can help you reduce or eliminate your student loan debt may be the dream job for you.
There are several programs that assist you in lowering or forgiving your student loans.
The U.S Department of Education offers the Teacher Loan Forgiveness Program. If you complete five consecutive years as a full-time teacher in certain elementary and secondary schools and educational service agencies that serve low-income families, and meet certain other qualifications, you may become eligible to have up to $17,500 of your student loans forgiven.
The Public Service Loan Forgiveness Program was designed to encourage people to work full-time in public service jobs, by offering borrowers who have made 120 qualifying payments on their student loan(s) forgiveness of the remaining balance. You must be employed full time with a federal, state, or local government agency, entity, or organization, with a non-profit organization that has been designated as tax exempt under certain sections of the Internal Revenue Code, or other qualifying public service organization. Details regarding eligibility can be found here.
There are a number of options for military service members looking for student loan assistance, including caps on interest rates, as well as forgiveness of Federal Perkins Loans. The Army also offers members partial repayment of student loans through the College Loan Repayment Program. It is only offered to specific occupational specialties, which you can see here.
If you want more information regarding available programs offering student loan forgiveness, the experienced professionals at the law firm of Leiderman Shelomith Alexander + Somodevilla, PLLC can assist you. Schedule a free and confidential consultation with the firm today. Call (954) 516-2566 or submit a web request here.