Money for Any Reason You May Need!

What is the Student Loan Forgiveness Program?

Many students go to college with huge dreams of being able to make a difference in the world. While noble, this does not always end up being realistic because often, when students graduate, they have to take a job at a place paying enough to cover their student loan repayment obligations. This is happening more and more around the US, causing less people to stick with the jobs that would have made that worldly difference. Thankfully, there is now a program that is helping make these noble jobs more realistic for college graduates.

The Basics of the Program

The Student Loan Forgiveness Program allows people who have recently graduated from college to consider lower-paying public service job opportunities without the fear of falling behind in repaying their student loans. Instead of having to take higher paying jobs within different private sectors, this program helps either lower or eliminate the repayment requirement entirely. Many jobs that directly affect the community are considered worthy of this forgiveness, such as those for city employees, police officers, fire fighters, and even those who seek out employment at the DMV for any given state. Previously, the program did not cover public jobs that were outside of this realm, but in recent years, the careers have expanded to include careers like teaching and nursing.

Benefits to College Graduates

One of the most obvious benefits for college graduates is not having to repay their student loans, either in part, or in full. Some careers will allow the student loan to be completely wiped out if the graduate spends enough years helping his or her community. This can be anywhere from just a couple years to around a decade, depending on the type of forgiveness sought. Most of the programs that work under this heading will also put some of the repayment on hold until the commitment has either been fulfilled or the graduate has moved away from the public service career they were originally working in. Students can also help their communities by keeping their hard-earned money in their community instead of having to pay it back to lenders elsewhere in the country. This can help struggling communities stay afloat and even flourish.

The benefits that accompany the Student Loan Forgiveness Program can help not only the student directly, but also his or her family, community, and ripple all the way up through the student’s state. While it may be a little bit of paperwork to fill out when graduation first occurs, it can make a significant difference in the direction of his or her life. Don’t put aside dreams of making a lifelong difference in those within your community. Instead, take advantage of how your community can help you make those dreams into your reality.