There are more than 39 million borrowers of federal student loans, per American Student Assistance (ASA). If your name is on that list now (or you anticipate adding it to the list soon), here are some top tips to consider if you want to alleviate the financial burden by securing student loan forgiveness.
Research the Qualifying Criteria
Did you know that there are different types of forgiveness options depending on your situation? In some cases, there are even financial relief options depending on the career you obtained through your educational journey. For instance, you can qualify for student loan forgiveness for teachers after working as a teacher and meeting other criteria for a specified number of years.
Stick to the Long-Term Criteria
There is no “partial credit” when it comes to student loan forgiveness programs. The specific requirements and criteria outlined within the program resources need to be met and fulfilled without exception. In some cases, this criterion requires you to stay on target for several years. Stay focused and determined to see it through so that you can reap the financial rewards for doing so.
Get Comfortable with the Paperwork
Qualifying for this type of financial forgiveness means that you will have to complete specific forms and paperwork in a timely fashion. According to the Department of Education, nearly 57 percent of borrowers who qualified for an income-driven repayment plan did not submit their paperwork on time in 2014. Do the research to know which forms need to be submitted and their respective deadlines and stay on top of it.
Pay Attention to the Fine Print
Do not assume that the concept of “financial forgiveness” will just completely wipe away your student loans and your worries right along with it. In most cases, you will only qualify for a substantial amount of your total debt – but not all of it. While researching the financial forgiveness option that you want to commit to for your own debt, make sure that you study the applicable terms closely.
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