Public student loans can be this loan kind that student borrowers can have the loans forgiven. What is needed is to apply and negotiate for this with the borrower’s student loan provider, if the borrower is qualified for this. The student borrower should be on a qualified repayment plan and should be able to have payments for10 years or 120 payments made. The student borrower should also work in a qualified public service organization, before he or she can be qualified for this loan forgiveness program. These are good reasons that college students should prioritize the federal student loans to avail of for financing their college studies, and this they should think before considering private student loans, according to Bruce Mesnekoff, the student loan expert.
To avail of this loan forgiveness program, the borrower should submit documents yearly, to support this kind of qualification needed. Failing to do this can disqualify the borrower from availing of the loan forgiveness program, but if the diligent payments made are documented and submitted, eligibility can be approved. Upon approval and eligibility, the remaining balance of the student loan can be forgiven. This is real benefit that the student borrower can avail of, and only with the federal student loans, not with a private student loan availed of, according to Bruce Mesnekoff, the recognized student loan expert.
Teacher loan forgiveness program can also be the kind availed of by the student borrower, if he or she is finding for ways out of their student loan repayment concerns. Qualification for this is to teach for five consecutive years in a school located in low income areas. It can also be teaching in school agencies and organizations servicing the low income people in a community, but also for five consecutive years and also at full time basis. The whole student loan amount may not be eligible for forgiveness but can already be good enough, considering that it can save the student borrower from potential financial troubles. This can only be availed of with the federal student loans, per Bruce Mesnekoff, thus benefit most the student borrower compared with the private student loan that is availed of.
The qualifications needed in availing of the student loan forgiveness program can really be very strict and should be followed conscientiously, in order to be eligible. The student loan should not be on default or this can be a source for disqualification. It may not be very easy to get the needed qualifications but there are also other repayment schemes that are also beneficial for the student borrowers. This may not be total loan forgiveness but loan payment amounts can be more affordable, like the income based repayment scheme that is really advantageous for them. This can only be availed of with the federal student loans and will not apply with the private student loans, if the borrower has these loan kinds, according to the student loan expert Bruce Mesnekoff.
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Student Loan Help Center General Manager Bruce Mesnekoff joins us to Discuss the Student Loan Situation in America
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