Going to college is expensive, no matter how you do it. Not everyone has parents who can afford to write a check for four years of higher education, and not all students will be offered full four year scholarships. Even with grants, most college students have to borrow money and, once they graduate, find a way to pay it back. One bank wants graduates to know there is Citigroup loan forgiveness for qualifying individuals.
It may be tempting to take out long term loans, but you should consider how much interest you will pay when you take this option. For those who decide it is the best option for them, they will face twenty to twenty-five years of payments before their loans can be discharged. Monthly payments can be reduced depending on annual income.
Getting a degree in an area that doesn't interest you, but gives you the possibility of having your loans dismissed is not ideal. If you truly want to teach low income students in an inner city school for instance, you will be eligible for the teacher loan forgiveness program. It will only forgive a certain amount however.
Public service is another area where qualifying individuals can get loans discharged. It won't happen overnight however. It takes ten years working at least thirty hours a week before you will be eligible. You won't qualify for consideration until the one hundred twenty first payment.
If you volunteer for the Peace Corps or join the military, you might qualify to have your Perkins loans discharged. Soldiers have to serve in harm's way to be eligible. If you become a teacher, law enforcement officer, or social worker and have Perkins loans, you can also apply for the dismissal.
When you have become disabled through military service or receive Social Security Disability Insurance, your loans can be discharged. This is also true for those who are unable to work for a period of five years due to an illness or other medical condition. You could receive a Total and Permanent Disability Discharge. You may also qualify for this if your condition is terminal.
Bankruptcy should never be anybody's first choice, and it may be very difficult to get your loans discharged this way. It is possible however if you start an adversary proceeding against the creditor. It will be up to you to convince the court that paying back your loans is a qualifying hardship.
Paying for college can be challenging, and many people make payments for decades before they are free and clear of the debt. Considering options before borrowing money is a good idea. Community colleges may be a viable alternative. Work study programs are available at many schools. Teaching jobs and public service careers can wipe out the loans. Whatever you decide to do, getting a good education and a degree is the ultimate goal.
It may be tempting to take out long term loans, but you should consider how much interest you will pay when you take this option. For those who decide it is the best option for them, they will face twenty to twenty-five years of payments before their loans can be discharged. Monthly payments can be reduced depending on annual income.
Getting a degree in an area that doesn't interest you, but gives you the possibility of having your loans dismissed is not ideal. If you truly want to teach low income students in an inner city school for instance, you will be eligible for the teacher loan forgiveness program. It will only forgive a certain amount however.
Public service is another area where qualifying individuals can get loans discharged. It won't happen overnight however. It takes ten years working at least thirty hours a week before you will be eligible. You won't qualify for consideration until the one hundred twenty first payment.
If you volunteer for the Peace Corps or join the military, you might qualify to have your Perkins loans discharged. Soldiers have to serve in harm's way to be eligible. If you become a teacher, law enforcement officer, or social worker and have Perkins loans, you can also apply for the dismissal.
When you have become disabled through military service or receive Social Security Disability Insurance, your loans can be discharged. This is also true for those who are unable to work for a period of five years due to an illness or other medical condition. You could receive a Total and Permanent Disability Discharge. You may also qualify for this if your condition is terminal.
Bankruptcy should never be anybody's first choice, and it may be very difficult to get your loans discharged this way. It is possible however if you start an adversary proceeding against the creditor. It will be up to you to convince the court that paying back your loans is a qualifying hardship.
Paying for college can be challenging, and many people make payments for decades before they are free and clear of the debt. Considering options before borrowing money is a good idea. Community colleges may be a viable alternative. Work study programs are available at many schools. Teaching jobs and public service careers can wipe out the loans. Whatever you decide to do, getting a good education and a degree is the ultimate goal.
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