The Student Loan Forgiveness Program is a fantastic opportunity for qualified applicants. The student loan forgiveness program was created by Congress through the College Cost Reduction and Access Act of 2007. Congress created this program to encourage individuals to enter and continue to work full-time in public service jobs. Under this program, borrowers may qualify for forgiveness of the remaining balance on their eligible federal student loans after they have made 120 payments. The 120 payments have to be made under certain repayment plans and on eligible federal student loans beginning after October 1, 2007. The types of public service jobs that will qualify for this Student Loan Forgiveness Program are:
• A federal, state, local, or tribal government organization, agency, or entity (includes most public schools, colleges and universities)
• A public or family service agency
• A non-profit organization under section 501(C)(3) of the Internal Revenue Code that is exempt from taxation under 501(a) of the Internal Revenue Code (includes mot non-profit private schools, college and universities); A Tribal college or university; or A organization that is not a for-profit business, a labor union, a partisan political organization, or an organization engaged in religious activities
• Emergency Management
• Military
• Law Enforcement
• Public Interest Law Services
• Early Childhood Education (including licensed or regulated health care, Head Start, and state-funded pre-kindergarten)
• Public Service for individuals with disabilities and the elderly
• Public Health (including nurses, nurse practitioners, nurses in a clinical setting, and full-time professionals engaged in health care practitioner occupations and health care support occupations)
• Public Education
• Public Library services; and School Library or other school based services
There are numerous programs available with a Consolidation depending upon the borrower’s occupation. Inside these programs is the possibility of having all or a portion of your student loans forgiven and or canceled.
• Public Education
• Law Enforcement
• Public Health
• Public Service: Fire Fighters