Should I Count on Student Loan Forgiveness?
If you’ve had to take out student loans, you’re possibly feeling overwhelmed at the amount you need to repay. Student loan forgiveness is a possible option, but just how attainable is this form of financial assistance? Your trusty advisors at College Funding of Tampa Bay are here to put student loan forgiveness into perspective for you and if you should count on it coming your way.
What Is Student Loan Forgiveness?
Student loan forgiveness is a type of financial aid that allows you to quit repaying your loan. You become relieved from the responsibility of paying it off in full, which of course is a very appealing concept to recent graduates who are just getting into the job scene. With the multitude of new expenses that could come up like housing, utilities, and so on, repaying student loans can be more difficult than it sounds.
Who Can I Trust?
Seeking out student loan forgiveness can be a dangerous endeavor with so many illegitimate “businesses” offering easy relief of your debts. These groups prey on insecurities to siphon money from their unsuspecting victims, so it’s best to proceed with absolute caution. As a good rule of thumb, only look for official government programs such as the more popular Public Service Loan Forgiveness (PSLF) program. Before jumping into any applications, you should also keep in mind that only federal student loans can be forgiven.
How Do I Qualify for Student Loan Forgiveness?
The reason why many students are unable to get student loan forgiveness is because it is difficult to meet the requirements for this form of aid. It doesn’t help that in the end, only the original owner of your student loan has the power to forgive your debt. Third parties that claim they can forgive your loan actually do not have the authority to do so.
Take the Public Service Loan Forgiveness program for example. To meet the requirements, you need to make payments for ten whole years while simultaneously working a full-time or other qualifying job. This task is not an easy feat for most recent graduates which is why so many PSLF applications get rejected. Most people are either unable to stick with an eligible employer long enough, can’t make a payment within the set timeframe, or have a hard time meeting the minimum amount of payments.
Alternatives to Student Loan Forgiveness
While things may seem a little bleak when it comes to full student loan forgiveness, there are so many other ways to make your payments more manageable. Student loan consolidation and refinancing are a couple great ways to organize multiple loans into a single payment, sometimes with lower interest. If you’re in a rut, seeking a financial advisor is the best way to observe your situation and find the best solutions.
Speak to the Best Financial Advisors in Tampa!
To be completely honest, the chances of being approved for student loan forgiveness are slim. However, there are other solutions for effectively managing your student loan debt. For expert help in discovering the best path for you, contact the professionals at College Funding of Tampa Bay at (813) 755-6834 to schedule a free consultation today!
