Student Loan Waiver For The Forgiveness Of Student Loan Debt

Published: 08th October 2009
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If you have found that you are struggling to pay your bills and sacrificing the basic necessities in life in order to repay your student loans, you are not alone. Each and every year, college graduates receive their degrees and enter the repayment phase of their student loan agreements. Many students actually experience sticker shock as they did not realize that so much student loan debt had accumulated over the course of four to ten years in college. A student loan waiver allows you to have your debts for education partially wiped clean so that you can get on with the rest of your life without the encumbrances of paying monthly payments that are eating up the biggest portion of your income.

Becoming Debt Free With Student Loan Waivers

Most recent graduates find that their entry level positions do not give them adequate income to handle paying off many lenders and their student loans too. Instead of living the good life that they had always dreamed of, these student borrowers are caught up in a whirlwind of working their fingers to the bone just to manage their student debts without going into default. Dreams of buying a home or owning their own business are pushed to the back burner. Student loan debt cannot be discharged in bankruptcy in most cases, even though many students find themselves forced to file for bankruptcy protection when they cannot make all of their payments for other obligations because of the amount of money they pay on their student loans. A student loan waiver can help you get rid of a portion of your student loan debt if you meet certain guidelines that have been established by the government.

Student Loan Waivers And Forgiveness

Certain government agencies and branches of the U.S. government have the ability to forgive portions of your student loan debt if you apply for various positions that the government has trouble filling. For example, students who are in the medical field may have all or part of their student loans forgiven if they agree to practice medicine in certain areas of the country where the quality of life is below the poverty level or has been affected by natural disasters. If the borrower agrees to practice for a specific period of time (often as few as five years), in many cases all of the student loan debt that they are obligated to is forgiven, which can add up to hundreds of thousands of dollars.

Students who have received or are working on a teaching degree and who agree to teach in regions of the country where schools are understaffed can also qualify for a waiver of some or all of their student loan debt. Additionally, those student loan borrowers who join the military or work in various branches of the social services can qualify for student loan waivers.

This type of student loan forgiveness is perfect for the student who does not mind relocating to work in regions where these professions are being sought out, and who wants to save themselves a ton of money by not being required to repay mountains of student debt. Your local financial aid office on campus can give you more information about these types of student loan waiver programs, and you can often find information from the agency of the government who is offering the waiver.

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