Most people know about the student loan consolidation programs available to lower your payments and make it easier to manage your student loans. However, there is a federal student loan forgiveness program that provides you with the relief you need as long as you meet the specific qualifications for the program. Understanding what those qualifications are will help you decide if this is the best program for you. If you still aren’t sure, we can help.
What Is the Student Loan Forgiveness Program?
Congress created the College Cost Reduction and Access Act of 2007 to encourage students to enter into specific public service fields that have a high number of jobs and a low number of workers entering the fields. Part of this act was the Public Service Loan Forgiveness Program. Through this program, those who enter the specified public service fields may qualify for forgiveness of the remaining balance on their loans after making at least 120 payments. This program is effective as of October 2007, requiring students to make payments until at least October 2017 to qualify.
Which Fields Qualify for Student Loan Forgiveness?
Just about any field that serves the public in some capacity qualifies for this program. Some of the most common areas that qualify include:
- Federal, state, local and tribal government agencies, including public schools
- Family service agencies
- Certain non-profit organizations
- Law enforcement
- Public health
- Early childhood education
- Public interest law
- Emergency management
We can help you determine if your job qualifies you for this program. While you wait for your eligibility, you may want to consider student loan consolidation as well.