Without loans you may not do some important things in your life fast as you would want them to be. The responsibility of repaying your loans belongs to you as the borrower. There are however exceptional situations which require that you get relief from repayment of your loans. Your life will definitely be affected when you find yourself struggling to service a chain of loans with a low income employment or and at the same time you are disabled or suffering from a life threatening disease. Thanks to the loan cancellation programs now in place. You will get relief from the headache of paying for an education you now do not like. You will can get your loan cancelled by ant of the four loan forgiveness programs upon application.
Public service loan forgiveness program is the one applied by majority of employees. Public servants such as teachers, nurses, fire fighters and military personnel, just to mention a few, can qualify for the benefits of the program. Before your request for cancellation of the loan outstanding, there are special conditions that you must meet. Whether you are working in the government or in nonprofit organization, you will save much out of the program as long as you have made repayments for at least ten years. One unique feature about the program is that for the loan to qualify under the same, it must be a state direct type, although there are options of tying all other student loans into one for them to qualify as well.
The second one is income driven loan forgiveness program. Under this program the government gives options which enables you repay a portion of your monthly repayment, towards your loan outstanding. The options include income based repayment, income contingent repayment, pay as you earn and revised pay as your earn. Income driven loan cancellation arrangements come with conditions as well. As long as you have been able service your loans for a minimum of twenty years, and have quite huge loan balances, you stand to qualify for the cancellation.
A special type of loan cancellation program intended for teachers only is the teacher loan cancellation program. The first condition that you must meet for teacher loan forgiveness program is a proof that you have for five uninterrupted years. With teachers loan forgiveness program, a lump sum amount of money is deducted from the total sum of the loan outstanding. It is however for those teachers who are working in low income public elementary and secondary schools and have got direct loans and Stafford loans.
The last program in the four is the Perkins loan forgiveness program. State employees who have worked for five years are eligible. One hundred percent of their outstanding loan is cancelled.
The four loan forgiveness programs are major ones available for students loan borrowers.