How To Get Student Loan Forgiveness – Exposed And Revealed
The Health Care and Education Reconciliation Act of 2010 was signed in 2010 by the then president Obama, and it was part of a reform for the Direct Loan program that allows students forgiveness on their federal student loans. If you have a private loan (not a federal student loan), then you cannot gain any form of student loan forgiveness. Do not buy e-books on how to get rid of your student debts, and do not pay to find out how to have your student loans forgiven because everything you need to know about it is in this article.
Why Should We Fear Student Loan Forgiveness?
We should fear student loan forgiveness because there is a large debt bubble that is growing in the US and it is fuelled by student debt. The more that the government subsidizes student loans, and the easier it is to get a student loan, the more that colleges and universities put up their prices. This leads to people getting into more and more debt for no reason other than the greediness of colleges and universities.
A student loan is now so high and so costly that it is almost like having a mortgage without having a house at the end of it. Students are thousands of dollars in debt, and when debts are not paid, it is the federal government (and therefore the taxpayer) that suffers the most. Here is a video explaining the problem in detail.
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Balancing The Good With The Bad
During his presidency, Mr. Obama racked up an average of one trillion dollars of debt per year. He started with just 12 trillion dollars of debt and left office with the country in 20 trillion dollars of debt. In an attempt to try to plug the gaps through which money was hemorrhaging, he stopped subsidies to private lending institutions, which is good, but he also made it easier for people to pay nothing to their student loans per month. He also lowered the amount of time for student loan forgiveness from 25 years to 20 years. It is good news for students, but bad news for a country sinking in debt.
Enjoy Student Loan Forgiveness In Just 20 Years
If your income is low enough, then you may pay as little as nothing per month on your student loans. If you make payments through an income-contingent payment plan for 20 years, then your student loans are forgiven. Simply sign up for the right program for you on the Federal Student Loan Aid website and wipe your debt clean in 20 years.
Bypassing Your Student Loan Payments With Student Loan Forgiveness Programs
The most common are programs that include public service jobs. If you work in certain jobs for certain number of years, you may earn things such as having the interest on your student loan wiped. You may also be able to earn full student loan forgiveness under certain circumstances.
The CNBC website has a reasonably good list of the jobs you can work to earn student loan forgiveness. You can read the CNBC job list right here.
The Student Loan Hero blog also has a very good list of jobs that graduates may take and how long they should work in them to qualify for student loan forgiveness. You can read the Student Loan Hero job list right here.
Remember that both lists feature jobs that may allow you to have your student loan forgiven. However, you have to sign up for the correct student loan forgiveness program in order to receive forgiveness. You don’t just earn it by getting the job and sticking with it for a while. Again, remember that this only counts for federal loans.
Don’t Believe The Stories And Myths
Sign up for a program and become a civil servant for enough years, or sign up for a program if you have a low income and have your debt cleared in 20 years. That is all there is to it. The methods are legal and publicized on the Federal Student Loan Aid website. Anything else you hear or read online is simply a lie. Here are a few urban legends/outright lies you may have heard.
- Get into enough debt and they have to wipe your student loans
- If your college goes bust, then your loans are wiped
- Private loans can be paid by the government
- Get injured in a government job and they will clear your student debts
- You can pay people in government offices to clear your debt
- Write “Debt Cleared” on your statement and post it back
- Go to prison for long enough and your student loans are forgotten
- Write “Deceased” on your posted statement and send it back
- Move house more than three times in a month and they cannot catch you
- File for bankruptcy and you will not have to pay your student loans
Conclusion – That Is All There Is To It
Sign up for a student loan forgiveness program if your income is low enough and have your debt wiped clean after twenty years of making small (or no) payments. Alternatively, you may pick a pubic service job, sign up for the correct program, and work it for enough years to have either your loan interest wiped or your student loan forgiven. It is as simple as that. There are no secrets; all the details are listed on the Federal Student Loan Aid website for all to see.