Student loans are, without a doubt, one of the greatest forms of financial burden commonly found in the United States. Most students can’t afford to pay for their college tuition fees and living expenses. Instead, they amass a massive debt that often takes decades to wipe out.
According to the Project on Student Debt by the Institute for College Access and Success, the average student loan debt is about $29,000 per borrower. On top of that, to give a better picture of just how many students are in debt, about 70 percent of college graduates have a financial obligation to the state for their tuition as they enter the workforce.
Repaying the debt isn’t easy, either. Roughly 40 percent of indebted students missed a payment within the first five years of repaying, according to the Institute for Higher Education Policy.
It’s clear, then, that when the option for student loan forgiveness opens up, anyone who’d had such a choice would take it. But the question is: how does debt forgiveness work?
The Types of Student Loan Forgiveness in Fernandina Beach
Here in Fernandina Beach, and throughout the rest of the country, there are two major ways to get your student loans written off. Both involve serving your country and society. The first is through the official Public Service Loan Forgiveness Program. Being an educator is another way to seek student loan forgiveness.
However, both paths require strict diligence. If you get another job outside of the eligible sectors, fail to file the proper paperwork on time, or miss a payment, you’ll lose your shot at student loan forgiveness in Fernandina Beach. The help of an attorney like Robert Peters can go a long way in helping you establish whether or not you’re currently eligible to have your debt written off.
First initiated in 2007, the basic gist of the program is to allow people working in the public sector or as part of a not-for-profit organization to write off their debt after 10 years fulltime employment (a minimum of 30 hours a week) and 120 on-time payments.