Earning a degree can be expensive, and as one of the most reputable West Chester off-campus housing rental agencies for over 50 years, Zukin Realty has come to learn that student loan forgiveness is sadly for the few. Once you graduate and start working, your student loan debt may be a little overwhelming. With many people facing financial difficulties due to the extended COVID-19 pandemic, student loan forgiveness is an option that can help to relieve some of that stress. There are a few ways to achieve loan forgiveness that won’t increase your financial strain.
Student Loan Forgiveness Facts
Get a Lower Payment with an Income-Driven Repayment Plan
With an income-driven repayment plan, your payment will be calculated according to your current wages. If you make less than you did last year, your monthly payment will reflect that difference. If you earned more this year, your monthly student loan payment will go up. Income-driven repayment plans are adjusted every year with your payment being calculated from your current earnings.
Public Servant or Non-Profit Employee?
If you work for a certain public service agency or are employed by an eligible non-profit organization, you may qualify to have all or most of your student debt wiped away. This means that your student debt will be paid off and you will no longer owe anything else on your student loans.
Student Loan Forgiveness for Permanently Disabled
Individuals who are permanently disabled or on a limited income due to an accident or chronic illness may be eligible to have their student loan debts taken care of. In order to qualify, you must be completely and permanently disabled according to state and federal guidelines.
Teaching the Next Generation
Another way to wipe out your student loan debt is by being a full-time teacher. Because of your efforts to ensure that the next generation is properly prepared to face the future. Teachers are the beacons of the future, shining a light to inspire the next generation. If you qualify as a teacher, your student loan debt could be taken care of.
Possible Bankruptcy Solution
In the past, student loans could not be included in a bankruptcy. Now, however, if you meet specific criteria, you can include all or a portion of your student debt in your bankruptcy. The amount that is forgiven will be based on your individual situation.
There are several ways you can reduce, or even wipe out your student debt. Everyone’s situation is different. You’ve spent years learning the skills of your trade. Now that it’s time to go to work and care for your family, you shouldn’t have to worry about how much of your earnings is going to go towards paying off your student debt.