Say No to Students’ Loan Debt with Federal Employee Student Loan Forgiveness Program
Apr 13, 2021
iCrowdMarketing powered by iCrowdNewswire
It is not wrong to say that a strong academic background and sound degrees are keys to having a successful professional life. But as easy as it sounds, due to skyrocketing fee structures of many prestigious institutes and soaring inflation, thousands of students in the U.S opt for student loans to pay for their academic fee. These loans allow students to complete their education without any hassle. But, a lot of times, students underestimate the grim realities of future job prospects and get stuck in the student debt trap for years. McCarthy Law PLC sheds some light on students’ debt in America and different loan forgiveness programs, especially for federal employees.Types of Student Loans
Before students start exploring options to repay their loans, it is important to gain some understanding of the types of loans they have obtained. Mainly student loans fall into these two particular domains
- Private loan
- Federal loan
In the case of private loans, the loan is granted by private entities such as banks, credit unions or other such lenders. Federal loan, on the other hand, is given directly by the U.S Department of Education and is made even though one is an employee in the federal government or not. If a student is not listed on the website maintained by the U.S Department of Education, then in most of the cases the loan is made by private lenders.
Federal Employee Student Loan forgiveness
There are a lot of federal employee student loan forgiveness programs aimed at alleviating the financial burden and reducing debt. If you are currently serving as an employee in the federal government, then there is a good possibility that you may apply for federal employee student loan forgiveness. Some of the loan forgiveness programs are mentioned below:
- Federal Student Loan Repayment Program:
Students who have taken federal loans during academic years are eligible to apply for this program. The platform is designed to bring the qualified and talented student to the public sector and retain them through an array of perks and employee benefits.
- Public service Loan Forgiveness (PSLF):
Students who have taken federal loans and have had been a part of the federal government at the state, local or regional level or a part of NGO are eligible to apply for this program. Students who come under this particular criterion can have their remaining loan forgiven through the public service loan forgiveness program.
- An Income-driven repayment plan:
Students who have still have a high amount of debt to repay can apply for these programs. An income repayment plan facilitates students to reduce their monthly payment to a small percentage as per the students’ current income and affordability.
Conclusion
The federal employee student loan forgiveness also comes to rescue students with private loans through the debt settlement program. An attorney from the firm contacts the student loan lender and negotiates a friendly settlement based on reducing the interest rate and a principal on private loans. No matter who the person is, McCarthy ensures that people struggling with student loans can repay their outstanding debts and focus on their career prospects.
Tags: English