The Public Service Loan Forgiveness plan is a United States federal government program which was established under the Higher Education Act of 1965 to give indebted professionals a means out of their massive student loan debt burden through working full-time within the public service category. An eligible applicant can complete an application for this program at any financial aid office in the United States. In order to qualify for this federal assistance, an individual will have to first fill out a free application for Federal Student Aid. After submitting this, a letter of application and financial information will be processed by the Department of Education.
To be eligible to receive the assistance through the federal government's student loan forgiveness program, you must exhibit the ability to pay your debts. This means that you must have made a good faith payment of the full amount of your federally funded loans. A borrower may also apply to have his loans forgiven if he or she is suffering from a severe financial hardship, is currently unemployed, or if their debts exceed ten thousand dollars. Once you are approved of a student loan forgiveness, you will no longer have to pay these loans. The Stafford and Perkins loans, which are both subsidized are the two most common loans to be eligible for government forgiveness programs.
Each year the government provides a set of criteria for those applying for the federal student loan forgiveness assistance. To qualify, you must have a bachelor's degree or higher in a qualifying field. The qualifying fields include: health care, law, business, education, engineering, teaching, pharmacy, government, social work, or healthcare. You will not be considered for forgiveness if you have a bankruptcy filing on your current record.
All application for the federal student loan forgiveness assistance must be filed with the Catalog of Student Aid (also known as the Catalog of Federal Domestic Assistance). Once you file your application for forgiveness with the Catalog of Student Aid, your loans will be released from your grace period and payments will begin. To ensure that your payments go directly to paying off your debts, you must make timely payments as set forth in your agreement with the government. In addition to making all your required payments, you must request a supplemental student loan payment if you do not qualify for federal student loan forgiveness.
If you receive an additional student loan forgiveness, your first monthly payment after discharge will be the standard payment amount for that month. However, if you have not repaid your loans by the time your grace period expires, you will need to begin repayment according to your plan. The U.S. Department of Education will send your monthly payments to the servicer assigned to your account. The servicer will then distribute your payment to your creditors. As long as you meet all the eligibility requirements for eligibility, the payments you receive will be made directly to your creditors.
The U.S. Department of Education offers several means to apply for student loan forgiveness. You can contact your school counselor, or you can apply online. If you apply online, it is important that you send in all appropriate paperwork by the specified due date. It is also important to read through all forms carefully to make certain that you understand all the terms and conditions of the program. There are no special circumstances that qualify you for student loan forgiveness, so you must be aware of this when you decide to pursue debt snowballing.
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