Through the school Cost Reduction and Access Act of 2007, Congress created the general public Service Loan Forgiveness Program to encourage individuals to enter and still work full-time publicly service jobs. Under this program, borrowers may qualify for forgiveness of the remaining balance due on their eligible federal student loans after they need made 120 payments on those loans under certain repayment plans while employed full time by certain public service employers. Since borrowers must make 120 monthly payments on their eligible federal student loans beginning after October 1, 2007 before they qualify for the loan forgiveness, the primary cancellations of loan balances won’t be granted until October 2017.

Any non-defaulted loan made under the William D. Ford Federal loan Program (Direct Loan Program) is eligible for loan forgiveness. (See below for information on how non-Direct Loans could also be eligible.) The loan Program includes
the following sorts of loans–
Federal Direct Stafford/Ford Loans (Direct Subsidized Loans)
Federal Direct Unsubsidized Stafford/Ford Loans (Direct Unsubsidized Loans)
Federal Direct PLUS Loans (Direct PLUS Loans) – for folks and graduate or professional students
Federal Direct Consolidation Loans (Direct Consolidation Loans)

Although loan forgiveness under this program is out there just for loans made and repaid under the loan Program, loans made under other federal student loan programs may qualify for forgiveness if they’re consolidated into an immediate Consolidation Loan.

The Department of Education defines a qualified public service organization as follows:

A government organization, federal or state.
A tax-exempt, not-for-profit organization under 501(c)(3) of the Internal Revenue Service Code (IRS) or
A private nonprofit organization that provides one or more of the following service but not a partisan political or labor union organization:
Military service
Emergency management
Public interest law services
Public safety
Early childhood education
Law enforcement
Public health
School library
Public library services
Public service for people with disabilities and elderly people
Making Timely Payments
You make timely payments when your federal loan servicer receives payment 15 days after your payment is due.

Making Full Payments
You make full payments when you pay back your student loan debt equal or the exceeded amount required for you to pay each month under the Direct Loan repayment schedule.

Making Scheduled Payments
You make scheduled payments when your loan servicers bill you for month’s payments. You have to know that any payment made in deferment or forbearance doesn’t count. Also, any payments made in a grace period or in-school statues are not counted as scheduled payments.

Will you be able to qualify?
Almost anyone who has ever been involved in taking out a Federal student loan can qualify for some student loan forgiveness programs through the many relief programs that are on offer. These benefits will heavily depend on your current employment. Some programs will evaluate the level of value your job has to society can often be a defining factor.

Some of the student loan forgiveness programs mentioned above are a highlight of the most significant and more beneficial forgiveness programs. If you are not employed in the fields mentioned above, you should not give up yet because the list of debt relief programs out there can go on for pages.

You could owe hundreds of thousands of dollars, or a mere thousand. This should not worry you, because you are sure to find a program that can suit your personal needs. All you have to do is keep reading this article, and choose the one that’s best for you. It is also worth mentioning that receiving relief through student loan forgiveness programs may take months, even years. This makes it crucial for you to carry out thorough research before enrolling in any of the programs.

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