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.
When you decide to go into public service, you can get your loans dismissed. You will have to work at least thirty hours a week for ten years before you can apply for this program. During that ten year period you will have to be making payments on your loans. It could take longer if you miss payments.
If you have a Perkins loan and join the active military you can get the loans dismissed. You will have to see action in a combat zone though. Joining the Peace Corps is another way to see the world, make a difference, and get your loans discharged. Police officers, social workers, and teachers with Perkins loans can also qualify for the forgiveness program.
Disabled veterans and those who get Social Security Disability Insurance can get their loans dismissed. If you are terminally ill or die, your loans will be discharged. Survivors will not be responsible for the outstanding debt. Individuals who cannot work due to a medical condition may qualify for forgiveness after a period of time.
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.
When you decide to go into public service, you can get your loans dismissed. You will have to work at least thirty hours a week for ten years before you can apply for this program. During that ten year period you will have to be making payments on your loans. It could take longer if you miss payments.
If you have a Perkins loan and join the active military you can get the loans dismissed. You will have to see action in a combat zone though. Joining the Peace Corps is another way to see the world, make a difference, and get your loans discharged. Police officers, social workers, and teachers with Perkins loans can also qualify for the forgiveness program.
Disabled veterans and those who get Social Security Disability Insurance can get their loans dismissed. If you are terminally ill or die, your loans will be discharged. Survivors will not be responsible for the outstanding debt. Individuals who cannot work due to a medical condition may qualify for forgiveness after a period of time.
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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