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One of the most pressing problems for prospective students is the financial component of college admission. Unfortunately, unlike other wealthy Western countries, higher education in the United States is not free, and tuition fees are an essential issue for many of the country’s population. The most common method of covering costs is through federal or private loans. But there are particular ways to help you avoid the burden of debt in the future.
In this article, we will look at the most convenient ways to release you from student loans.
Contents
What is Student Loan Forgiveness?
In some cases, you can free yourself from paying loans while you already have one. However, it is necessary to clarify in advance that this is a very complex process that is possible only in some instances.
A “student forgiveness” usually means the cancellation of obligations to repay debts to individuals due to financial insufficiency, the field of activity, health problems, and so on. If your request for forgiveness is approved, you are exempted from paying off the remaining amount of the debt.
A “student loan discharge” means exemption from the repayment of part of the debt in the event of the college’s closure, the invalidity of the certificate issued by the educational institution, bankruptcy, or the borrower’s death.
Let’s review some of them.
Student Loans Forgiveness Program
If you currently work for qualifying employers, you have the right to apply to this program for sallie mae loan forgiveness. However, you only stand a chance if you have repaid your loan for more than ten years working full time. This period is taken because according to a loan repayment plan based on your salary, in theory, you must fully repay the entire loan in 10 years.
Who are qualifying employers?
- Qualifying employers are organizations in the following areas: Government institutions at all levels (federal, state, municipal), including US military service.
- Non-profit organizations do not pay government taxes under Section 501 (c) 3 of the Internal Federal Code.
Teacher Loan Forgiveness
If you have been a full-time teacher at a school with more than five years of experience and have a low income, you may be eligible for loan forgiveness of up to $ 17,500. This program is available only for Federal Family Education and Direct Loans.
Total and Permanent Disability Discharge
Suppose you can no longer work due to your medical condition, disability, or similar conditions of your family member whose guardian you are. In that case, you are eligible to apply for this program. This program is applicable for Federal Family Education Loans, Direct Loans, and Perkins Loans.
Discharge in Bankruptcy
You can also ask to be relieved of your student debt due to bankruptcy. However, this is the most time-consuming route and is issued only in exceptional cases.
Other types of loan exemptions
In addition to the above points, there are other cases when you can be exempted from repaying loans: death, leaving college, fake certification, college closure.
How can you free yourself from the need to take out a student loan?
Below we give you examples of how you can avoid taking out a student loan, and it is common to free yourself from the debt burden in advance.
Student scholarships
There are many scholarships available for US citizens wishing to enroll in private or public colleges around the country. They can be issued by the government, by the college itself, or by a private company. Scholarships can cover all or part of the tuition fees, often depending on your academic performance and passing exam scores.
There are other options for scholarship programs in different countries and universities. There are scholarships based on gender – for example, only for women; by nationality, religion, age, and state of health. Family scholarship programs are also known: the more members of one family study in one educational institution. The scholarship program covers the more significant part of the expenses of each of them.
Student grants
Student grants are a lump sum compensation that, unlike loans, you will not have to repay. Usually, grants are awarded to people with special status, such as families of veterans, descendants of Native Americans, people with disabilities, and special services and projects. For example, some colleges may give you a grant if you achieve the highest score on the entrance exam. You need to research the different types of grants in advance to see if you are suitable for their conditions.
Study abroad
Many countries of the world, especially Europe, have a free education system even for foreigners. That is an excellent chance for US citizens to be highly qualified while saving a lot of money. So public universities in Germany and the Scandinavian countries are entirely free, even when studying in English. However, it would help if you considered that tens of thousands of people worldwide apply to such universities. That is, such educational institutions are distinguished by a very high degree of competition.