How To Have Your Federal Student Loan Forgiven

Flashback.  You can't pay for college so you apply for a student loan. You study diligently for the next four to five years totally forgetting about the student loan that the federal government granted you.

A federal student loan is fast forward to the present.  You are now a full-pledged graduate and are presently trying your luck to find the job of your dreams.  Guess what?  The federal government is now reminding you that it is payback time.  Reality bites.  You shake your head to and fro telling yourself, "Now why didn't I try getting a scholarship instead?"  What's done is done.  You cannot press rewind anymore.

Since this is already the case, proper problem management is all you need.  The good news is that the federal government may have your student loan forgiven if you meet the requirements.  Having your student loan forgiven simply means that the federal government will consider it never happened.  Completely ripped off the books.  So do you qualify or not?  Let's see.

The most common reason to have your federal student loan forgiven is disability.  The government may forgive your student loan once they see that the disability is permanent and that it cannot let you work enough for you to pay the loan back.  If you are not disabled, then this is not the option for you.  There still other ways to have your federal student loan forgiven.  No need for you to try something silly to get a disability.

The next logical way out will be to engage actively in public service or work for the government.  In essence, you are already paying out your debt by choosing to work for the federal government than in a private institution.  You can enlist in the armed forces for a period of time.  You can also opt to teach in a state-run school, especially now that there is a noticeable shortage of teachers in the public schools.

Speaking of shortages, the federal government is lenient on student loans made by professionals in the medical field.  There is a shortage of doctors and nurses at present.  There is also a shortage of professionals in the field of science and technology and mathematics.  If you have graduated with a degree in any of these fields, then there is hope for you.

The last option does not necessarily guarantee full federal student loan forgiveness.  Come to think of it, if you graduated with a degree in science and you are now a certified engineer, you could be earning a lot from your job.  The federal government will see your capacity to pay the student loan granted to you a few years back.  So just as a reward for being a professional in the field where there is an obvious shortage, they may just chip off a portion of your loan.

Still, it is better than nothing.  Nothing is more self-rewarding that the realization that you have really graduated without debt.


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