Students who have to fund their college education usually find time to work while studying. Another option available for them comes in the form of student loans, but these usually take a large chunk of one’s earnings during repayment. It is a good thing that public service student loan forgiveness programs are now here.
Going to college is quite costly. Although it is always possible to get a job while in school, some students are simply unable to juggle studying and working semester after semester. For this type of students, student loans are the answer to the problem.
One of the many issues about getting a student loan is the payments one has to make after graduation. Generally, the loan accumulates an interest after the four years in college. As a result, many people are complaining about how they end up with nothing to spend on their present expenses because of the student loan repayments that they have to make.
The government has very recently offered an answer to this problem. In an effort to help the students achieve their goals of getting a college degree, it came up with a program that encourages students to take a loan without being scared about getting hooked up in a financial mess in the long run. This is the public service student loan forgiveness plan.
Basically, this is designed to promote more accessible education. The program gives students another reason to get a loan to finance their education without being too scared about the length of years they have to spend paying for the said amount of money.
An individual who serves for 10 years in public service gets to avail of the student loan forgiveness incentive. This means that after 10 years of service in varied public sectors, the remaining federal student loans one has are completely eliminated.
There are actually a number of public service sectors that have access to this program. These include the military, fire department, law enforcement, public schools and libraries as well as public health care and child care services. Those who work in the emergency management sector may also avail of this program.
Just like everything else, the public service student loan forgiveness plan also has its limitation. Its most significant one is that only those who have consolidated their federal loans with the use of the Direct Loan Program can fully utilize this program and benefit from it completely.