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Essay On Public Service Loan

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Though the popular notion is that student loans follow you throughout your entire life, there is a way for you to become debt-free sooner than you might have expected. If you have taken out any federal loans, you are potentially eligible for “student loan forgiveness”.
Essentially, there are four main programs that can reduce or even cancel out your student loan debt. Depending on your job, you can qualify for Public Service Loan Forgiveness, Teacher Loan Forgiveness, Perkins loan cancellation or income-driven repayment. These programs only pertain to federal loans; however, there is no harm in reaching out to your private loan lender to seek loan reduction based on your personal circumstances. Also, you will not be eligible for these programs if you have gone more than nine months without paying towards your loan.
The Public
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Loans are forgiven if you have a remainder of $17,500 or less as your direct or Stafford student loan balance, and additionally if you took out loans after October 1, 1998. This program is best for you if you wish to teach in low-income public schools and have a relatively lesser loan balance. If you have a greater loan balance and plan on teaching for at least 15 years, you would most benefit from the Public Service Loan Forgiveness program, as it is more giving. However, through the Teacher Loan Forgiveness program, you are able to diminish your loans in half the time it would take to be forgiven from the Public Service Loan Forgiveness program (5 years instead of 10). You cannot participate in both programs at once, but if you qualify for Teacher Loan Forgiveness, you can complete Public Service Loan Forgiveness later on as well. To apply, fill out the application once you have completed five consecutive years of teaching at a low-income public school and send it to your student loan
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