*Article contributed by Ethan Clark.
Loans are helpful in times of emergency or need. Various emergencies that require some financial aid may arise. They may come about when you have not a single cent in your pocket. This is when borrowing is helpful. There are other times you will need some money to sustain you. You might be a student who is unemployed and needs money to take you through a specific period in college or pay your fees. There are special loans meant for this.
A student loan is meant to help needy students pay their college fees. If you can pay using your available money, then it is not advisable to apply for this type of loan. It is classified as a good debt in a way because you are using it for an investment – which is education. You will be required to pay it back after finishing college. Just like any other loan, student loans also have interest rates. These may increase if you fail to repay within the agreed period. This will also affect your credit score.
You should learn the different ways or things you can do to boost your credit. Visit https://www.boostcredit101.com to find out how you can boost your credit report as a business or individual. Paying back student loans has turned out to be an uphill task for many who complete college and fail to secure employment immediately. Here are some of the ways you can quit paying student loans legally.
Serving Your Country
One way you can get student loan forgiveness is by offering service to your country. Serving in the military or other forces is one way you can go about it. These disciplined forces have loan repayment or forgiveness programs. You can also sign up for volunteer programs in these forces that will help you get loan forgiveness. This is one of the best ways to go about your loan forgiveness.
Income Repayment
You should enroll for an income repayment plan that will help you get student loan forgiveness. With this process, you will have a percentage of what you earn deducted to service your student loan. The rates may change depending on the amount you are making each month. With time, you will clear all your student loan and will be free.
Public Service Job
Getting that civil service job will also help you get loan forgiveness. With this repayment program, you will have the remaining debt forgiven after making some successful payments, which are about 120. All this is possible only if you are doing a public service job or working in a non-profit organization.
Professional Forgiveness
If you are an expert working in a particular field, then chances are high you will get student loan forgiveness. Examples include teachers who have worked in a specific school for a minimum of five years consecutively. The level of class or school you are teaching in will also determine the amount of forgiveness you get. This is also applicable to nurses who have served for a minimum of two years.
*Article contributed by Ethan Clark.