Every student that is burdened with student loans want to try and find some form of relief. Many are turning to professional help like student loan lawyers to assist them. There are many students who cannot find work in their chosen fields. Some are looking at work programs that might help them find some type of employment and at the same time help to reduce their student loan debt. This is leading them to review the public service loan forgiveness program.
Forgiving Debt
Usually the pay in the public service sector is lower than other forms of employment, so while there are job vacancies they are hard to fill. The government decided to incorporate a program where individuals with student loans could take up public service positions for lower pay, but in return receive some benefits regarding their student loan. The basics of the program, is that those with student debt opting into this program would make monthly payments on their Federal student loan based on their income. Then after making 120 payments the balance of their debt would be forgiven.
Of course there are rules and criteria that has to be met for this program, but for students who just can’t find work, and really need to find a way to handle at least their Federal student loan debt then it may be a good starting place.
For those that are interested the first thing they would need to do is check to see if they meet the criteria. Then the next step is to find what is classed as an eligible employer, then once that is done file the proper paperwork and applications.