Pardon Me, What’s Loan Forgiveness?
If you have racked up or plan to rack up a serious debt in college, all can be forgiven and forgotten.
The loan forgiveness program is a little different than being forgiven for hurting someone else’s feelings.
Individual states, the federal government, or specific industries attempt to recruit students for professions that may experience a sudden surge in job openings. This can happen because of an unexpected industry growth or a sudden large percentage of retirements.
In these cases, you might be eligible for loan forgiveness which encourages up and coming professionals (like you!) to pursue study in a certain area by helping you pay off your debt.
Nursing, teaching, child care and serving in the Armed forces are all careers that have loan forgiveness programs either through the federal government or state agencies. Basically, if you fulfill certain work-related requirements, like service in a low-income area or work for a certain period of time, the state or government the makes payments towards your loan balance.
We are not saying you should choose your career based on whether it has a loan forgiveness option. But it’s definitely good to know about. And hey, you everyone likes to be forgiven, especially for doing something right for a change.
This entry was posted on Wednesday, July 9th, 2008 at 10:43 am and is filed under College Loans. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
July 15th, 2008 at 12:26 pm
What about a pardon or forgiveness on a loan due to a sudden medical diagnosis (breat cancer). Three years of my B.A. Degree have been completed, thus far. However, i still have one year to complete. Meanwhile I am paying for alternative medical treatments to heal my body from cancer.
do you know of anyone who was granted a pardon on a student loan for something like this? If so, what is the process to follow?
Thank you in advance for any assistance or support that you can provide.
Sincerely,
Jodie Shypitka
July 15th, 2008 at 1:54 pm
Hi Jodie,
Let me look into this and get back to you as soon as I find out. In the meantime, have you checked with the financial aid office at your college? They should hava a wealth of information about how to proceed. There are also scholarships (free money) for students with medical conditions as well as scholarships for women. You can check out our blogs on the different types of scholarships for more information.
Hope this helps,
Reisa Resource
August 20th, 2008 at 2:27 pm
[…] July, Reisa Resource blogged about loan forgiveness. Here’s a recap: Depending on your chosen career path after college, you might be able to get […]