Theres already a student loan forgiveness for people who work for nonprofit and the government but theres more or is it? https://www.yahoo.com/news/law-could-erase-student-loan-213500086.html Here's the Law That Could Erase Student Loan Debt for College Students Across America Except from the article... According to the law, which bears the clunky name 34 CFR 685.206 (c), if a student in debt qualifies for one of the somewhat vague borrower defenses, which could include long-term unemployment post-graduation, the indebted graduate may be entitled to an exemption from repayment, or a full or partial refund. "If the borrower's defense against repayment is successful, the secretary notifies the borrower that the borrower is relieved of the obligation to repay all or part of the loan and associated costs and fees that the borrower would otherwise be obligated to pay," the law reads. "The secretary affords the borrower such further relief as the secretary determines is appropriate under the circumstances."
Joining the Peace Corps is one way. I tried but wasn't qualified. AmeriCorps , I think, has a similar program.
You really have to weigh this. For some it's just not worth it to be tied to what might be a much lower paying job for 10 years of service to erase the student loans. For some, it's a great thing because they are going into the jobs that would apply anyway.
I'm looking at this now. There are also some positions that pay a portion of your loans in return for accepting the lower salary. I guess I will make the decision once I have a salary offer and weigh the two alternatives.
The Peace Corps and AmeriCorps programs are set up where one can serve for 2 1/2 years. Participants will receive a living stipend. After completion, there is a certificate to send the collection agency. And then it's over and the participant can start over.
Is that for a specific amount? Some people are talking about over 100K in student debt for a bachelors degree.
I think it's about $1,000.00 or more every two weeks. But I may be wrong. I had been trying for some time to get in. AmeriCorps is a little easier than the Peace Corps in the application process.
Public service positions may help forgive student debt. https://studentaid.ed.gov/sa/repay-loans/forgiveness-cancellation/public-service (As with any of these programs, there are a lot of specifics to it.)
I was talking about how much student debt the service would wipe out. But then I was reading something about it. It looks a bit complicated. I'm not sure there is really a direct answer to my question.
The Yahoo article isn't very good. I found this one to be a bit better: http://www.usnews.com/education/blo...know-facts-about-obamas-new-student-loan-plan
A reminder too - for those with student debt. Be careful about consolidating. Make sure you know all the pros and cons. Consolidation can change the payment plans you are eligible for. You also may not be eligible for some of the programs in the proposed bills depending on how you consolidate.
If working for the Peace Corps, almost all of the debt. I am not sure about AmeriCorps. I guess they would probably pay about half of it.
I once talked to a bankruptcy attorney and he advised not to do that option. It will affect your credit.
