Consolidating default student loans consequences of dating too young
Here are a few of the most popular debt relief programs available to teachers: TEACH Grants are relatively difficult to qualify for, as they’re only made available to teachers who serve in high-need areas at low-income schools.That qualification alone makes them relatively unpopular, especially with teachers who are able to find great jobs outside of impoverished areas. Perkins loan forgiveness benefits qualify you to receive up to 100% forgiveness on any Federal Perkins loans that you’ve taken out on your way toward becoming a teacher, but they’ll also offer you another incredible perk (pardon our pun) in the way of loan deferment benefits.The most important tenet of the program includes setting the maximum monthly loan payment to just 10% discretionary income, allowing those who qualify to find their financial footing by defer portions of their student loan debt payments to a later date.The Obama student loan forgiveness program also offers total deft forgiveness for all Federally-funded student loans at the 20 year mark, which is a 5 year reduction from the previous forgiveness date, and a welcome relief to those individuals who are being crushed by overwhelming levels of student loan debt.However, it also means that if you’re willing to sacrifice the perks of working in a nicer neighborhood, you’ll be able to receive up to ,000 per year in debt relief while working to earn your undergraduate degree, teaching credentials, or subject-related masters degree. Loan deferments and teacher loan cancellation benefits are made available to teachers who serve in low-income schools, and to teachers who special needs students, math, science, foreign language or any other subject that has a shortage of qualified teachers in their area. These loan forgiveness benefits are quite valuable, but they’re also relatively tough to qualify for, since earning them requires teaching at a qualifying low-income school for five complete and consecutive years.
Military College Loan Repayment Program is available to pretty much everyone joining one of the major service branches (yes, even Coast Guard enlistees have access to these benefits!
The Marines College Loan Repayment Program The Marines are certainly the outlier here, and although it seems like a Marine Student Loan Forgiveness Program would be a no-brainer, this service branch does not currently offer college loan repayment benefits to enlistees.
The Coast Guard College Loan Repayment Program The Coast Guard student loan forgiveness program is actually one of the best available in terms of bang for your buck, offering up to ,000 of loan relief for just 3 years of service.
As of January, 2016, even though there’s been a great deal of talk to reduce President Obama’s new benefits, nothing has yet been cut.
Stay tuned and be sure to check back regularly though, because this year will see the Reauthorization of the Higher Education Act, as well as the run-up to the 2016 Presidential Election, each of which are likely to place student loan reforms front and center.