- Ask Me
- My Money Plan
- Banking Right
- Buying A Home
- Buying Cars
- Credit Cards
- Financial Advisors?
- Insurance
- Investing Right
- Loans Done Right
- Money Scams
- Paying For College
- Paying Off Debt
- Refinancing
- Retirement
- Salaries
- Social Security
- Taxes Done Right
- Your Money

Student Loan Forgiveness: Making it Through College on a Tight Budget

With the rising prices of a lot of basic commodities nowadays like food and oil, education has become such an expensive luxury. Parents usually just let their children get through high school and urge them to find jobs due to the falling standards of the American economy. The children of course are thwarted away from the idea of applying for college due to the financial problems they would inevitably face. Of course there are still those parents who value a good college education and are determined to encourage their children to find ways to get one. Student loans are abundant nowadays for those who want to get through to college even with a tight budget. The problem with student loans is that, students find themselves swimming in debt before they are even able to earn money in their own jobs or in the real world of their chosen fields and industries. This is where student loan forgiveness comes in. Student loan forgiveness protects students availing for the program from swimming in debts before they even reach graduating status.

Student loan forgiveness is a program by the federal government. It aims to reduce or eliminate completely the incurred debt of students who apply for student loans. Student loan forgiveness does this through choosing certain careers like serving as a teacher, joining the military and even volunteer work. By joining these, the federal government can eliminate up to a few thousand dollars up to even a hundred thousand dollars. Even though this is a big opportunity for students to get through college on a tight budget, not many people know about student loan forgiveness. They are not aware of this opportunity, which is why only a few people even try to apply for the program.

What is the difference between reduced loan repayment and student loan forgiveness? Well, for one, reduced loan repayments are only used as a way for students to receive money for their college education and pay it at a later date. Usually, those who have applied for this program do not get part of their salary at some point because their employers directly pay the student's debt to the lenders.

Student loan forgiveness on the other hand is a program funded by the federal government through various elements like Stafford and Perkins loans. Participating in this kind of program would literally erase your debts on the books of the lenders. But of course, these come with the price of serving the country through community service, military service or serving or working as a teacher for the public sector, lawyers and public officers, medical, nursing and health professionals. The time of service required to the student would be set by the federal government.

Although student loan forgiveness programs could cost some taxes to add up during the person's course of work, the pros are still heavier than the cons. It is still better to invest on a good college education for one to be able to get good work. This is why the student loan forgiveness program is very useful for people or students on a tight budget.

A good college experience is still very important to everyone who wants to be able to get good jobs in the future and to have first hand experience with the real world. Participating in a student loan forgiveness program would help students who wish for a college life realize their dream.