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How To Get Your Student Loans Forgiven: Three PathsThere are three ways to have student loans forgiven and none of them are easily attainable. The first is based on the type of career you choose. The second is based on you how many years you make on-time payments while enrolled in a qualifying repayment plan. The last one requires a set of extraordinary circumstances that rarely come into play, but nonetheless could result in loan forgiveness. The first two are available for federal student loans only and the last one is achievable for federal or private student loans.Be aware that there is an important difference between having a loan “discharged” and having one “forgiven.” Loan forgiveness typically is given to someone who performs works at a qualified job, such as teaching in a high-need area, for a specific length of time and has the amount left on their student loan forgiven. Loan discharge is rare, but can be granted to borrowers who can’t repay the loan for a variety of reasons such as death, disability, fraud, identity theft and in very scarce circumstances, bankruptcy.Public Service Loan Forgiveness Program (PSLF)Public Service Loan Forgiveness was created by the College Cost Reduction and Access Act of 2007 to lessen the burden of student loans for highly-qualified graduates and encourage them to pursue careers in the public service sector.This forgiveness option is available for Direct Federal Student Loans; Direct Plus loans and Direct Consolidation loans. Private student loans are not eligible for Public Service Loan Forgiveness. To receive loan forgiveness under this program, you must be a full-time employee (at least 30 hours per week) in public service job and make 10 years of on-time monthly payments (120) after consolidating your federal loans in a qualified repayment program.This forgiveness option applies solely to Direct Federal Student Loans. Private student loans are not eligible for Public Service Loan Forgiveness. To receive loan forgiveness under this program, you must be a full-time employee (at least 30 hours per week) in public service job and make 10 years of on-time monthly payments (120) after consolidating your federal loans in a qualified repayment program.Public Service Jobs Qualifying for Public Service Loan Forgiveness:Any job in a government organization at the federal, state, local or tribal levelNot-for-profit organizations that are designated tax-exempt under Section 501(c)(3)Other not-for-profit organizations that are not tax-exempt but provide a qualifying public serviceFull-time AmeriCorps and Peace Corps volunteersThe most common public service careers are in education, law enforcement, health, public law, and veterinary medicine.Repayment Plans Qualifying for Public Service Loan ForgivenessIncome-Based Repayment Plan (IBR)Income-Contingent Repayment Plan (ICR)Pay As You Earn Repayment Plan (PAYE)Revised Pay As You Earn Repayment Plan (REPAYE)Note that the 10-year Standard Repayment Plan also is considered a qualifying plan, but because it is a 10-year plan, there won’t be any funds left to forgive. If you plan to enroll in a PSLF program, you need to enroll in a repayment plan that extends your loan term beyond 10 years.To apply for PSLF, you must fill out a Employment Certification Form every year and make pay stubs, W-2 forms or other documentation available as requested.The first wave of student loan borrowers eligible for loan forgiveness met their final required payment in October of 2017. News stories say that many of the people who thought they had qualified, were denied loan forgiveness because they didn’t meet the prescribed requirements.According to a 2017 report from the Consumer Financial Protection Bureau, more than 550,000 borrowers are expecting to have their loans forgiven. If you are enrolled in the program, you should track your progress at least once-a-year to be certain you are meeting all requirements.However, President Donald Trump has proposed eliminating the program to anyone who hasn’t enrolled by July 1, 2018. Congress hasn’t voted on that proposal as of the Spring of 2018. For more information on this path to loan forgiveness, visit Public Service Loan Forgiveness.Teacher Loan Forgiveness ProgramThe Teacher Loan Forgiveness program was created in 1998 to encourage teachers to take jobs at elementary schools, secondary schools and educational service agencies that serve low-income families. The U.S. Department of Education publishes the list of low-income elementary schools and secondary schools each year.You need to teach fulltime at a qualifying school for five full and consecutive years. Then you are eligible to have from $5,000 to up to $17,500 in loans forgiven.Only Direct subsidized and unsubsidized loans qualify. PLUS loans do not qualify. There are 13 states that offer some form of loan forgiveness for teachers, with varying requirements.Apply to the program by completing the Teacher Loan Forgiveness Application and submitting it to your loan servicer.Loan Forgiveness for NursesRegistered nurses, nurse practitioners and members of nursing faculty, who work in high-need population areas or areas where there is a critical shortage could qualify to have up to 85% of their loans forgiven under the NURSE Corps Loan Repayment Program.Qualified candidates can have 60% of their student loans forgiven for working two years in an underserved area. Another 25% could be forgiven for working three years. Some states also offer loan repayment assistance. Go to the Loan Forgiveness for Nurses website to see if yours is one of the 33 states that has one and what the eligibility requirements are.Loan Forgiveness for DoctorsThe healthcare professions, especially physicians, dentists, pharmacists and mental healthcare workers, have several options, both national and local, to receive loan forgiveness.The requirements and the amount forgiven vary dramatically, depending upon which program you enter. For example, the Navy Financial Assistance Program offers up to $275,000 in loan forgiveness in return for an eight-year commitment for active and reserve duty. The National Health Service Corps offers up to $50,000 in loan repayment for two years of work at an approved site.Check out the links to see the amount of loan forgiveness available and requirements for Army doctors; Indian Health Services, National Institute of Health, as well as state-by-state programs.Loan Forgiveness for LawyersLike most professions, there is a financial incentive for lawyers to spend a few years practicing in public service or government offices in order to have some portion of their law school loan forgiven. For example, the Department of Justice provides up to $60,000 in loan forgiveness for lawyers who work there for at least three years. The Air Force Judge Advocate program offers up to $65,000 in loan forgiveness.The best place to start looking might be your own law school, since several colleges forgive some or all of the student loans for students who make less than $60,000 a year. That amount varies, so check with your school to get actual requirements and amount forgiven. If you can't qualify for a forgiveness program, look into refinancing your law school debt.Loan Forgiveness for MilitaryEach branch of the military has programs that help qualified members pay off their student loans, but the loan amounts forgiven and the requirements that must be met vary dramatically.The best to find out all that is involved in military loan forgiveness is to visit the Complete Guide to Military Student Loan Forgiveness and Repayment and find the program that best suits your situation and branch of the military.Federal Perkins Loan CancellationFederal Perkins Loans have a separate forgiveness program because your school is the lender, not the federal government. To apply, contact the financial aid office at the school that administered your Perkins Loan and request the application forms. You need to be a full-time employee in a qualified career.Is your credit score is holding you back fro being approved a loan, If you want to raise your credit score and delete negatives or collections. Just let him know I referred you and he would be on hand to respond swiftly 4FICOREPAIR @ gmail com

20 Hacks For Paying For CollegeBecome “College” Financially LiterateThis is the single most important thing your family can do, and most families are not going to do it.Let me begin by sharing an anecdote with you:A couple years ago my adult daughter had two boys about to graduate from high school. She had been working on their college plans for eighteen months. In December before their May graduation, the high school scheduled a financial aid planning session for the parents. I asked if I could tag along.The school had invited in a financial aid officer from a nearby college. In her presentation, she took us through the various loans available. (In my opinion, that’s not financial planning, but the lady did know student loans inside and out.)After the meeting, my daughter—much more of a social butterfly than her old man—must have talked to a half dozen of her fellow parents as we worked our way out to the car.When we got to the car, I looked at her, and she looked at me. At the same time we both blurted out, “This is the first time these parents have thought about this.” Approximately fifteen weeks before their kids were to receive their financial aid awards letters, these parents had done little or no financial planning.Parents need to take the lead on this. With the high costs, uncertain outcomes, and the complexity of the financial aid system, it is too much to expect a teenager to handle.Get these books at your local library:Kalman A. Chany with Geoff Martz, “Paying for College Without Going Broke,” (New York, New York: Penguin Random House LLC, 2016).Frank Palmasani, “Right College, Right Price: The New System for Discovering the Best College Fit at the Best Price,” (Naperville, IL: Sourcebooks, 2013).Bonnie Kerrigan Snyder, “The New College Reality: Make College Work For Your Career,” (Avon, MA: Adams Media, 2012).Your parents and you need to become “college” financially literate.AffordabilityChoose an affordable post-secondary education option. I see, what I take to be, a lot of “entitlement” on Quora. That leads to mountains of student loan debt.Hint: One of those three books listed above shows you how to do this.File Your FAFSAThis seems obvious, but twenty percent of families don’t file their FAFSA. If you use the website, it’s a snap.ScholarshipsScholarships, unlike student loans, really are free money. They are described as gift aid. There is no requirement to pay the money back in the future. The aid can come from federal or state governments, colleges or universities, employers, civic organizations, or private sources. Gift aid can be based on the family’s financial and economic status. (This is called need-based.) Or it can be based on academic achievement or other talents and abilities. (This is called merit based aid.)Spending time applying for scholarships and grants makes good economic sense. If you spend forty hours working on an application and win a $1,000 award, you just made $25 per hour tax free. Applying for smaller scholarships makes sense because there is less competition, and it is good practice.GrantsGrants, like scholarships, are free money—they do not need to be repaid. The sources of grants include:· Federal government· State government· Universities and colleges· Private sources including public agencies, quasi-public agencies, private companies, corporations, and foundationsEach of these entities have their own procedures for application. It is important to understand and meet the exact requirements for each specific grant. The financial aid office of your college or university will be a key source of help. Also contact your high school guidance counselor and the local PTA.Improve Your Test ScoresTest scores, i.e. SAT and/or ACT, are an important part of the college application process. Often good test scores can lead to significant gift aid. It pays to take this seriously. Be aware that you are competing with students who started taking practice tests in the seventh grade. There are fourteen-year-old kids who have scored 35 or 36 on the ACT. If you are reading this as a junior in high school, you need to catch up. Set aside a specific period (or periods) of time each week to prepare. Check with your high school guidance counselor on what is available at your school, e.g. practice tests, prep classes, tutoring, etc. Make use of free or cheap materials available online or through bookstores. If your goals are lofty, you might want to consider professional help for preparation or tutoring.Dual EnrollDual enrollment classes let students earn high school and college credits for the same course. Some students go to a college campus—usually a local community college—while others study at their own high schools. Nationally more than a million high school students are taking at least one college class.Earning college credits during high school has a major benefit. College courses are often available at no cost or significantly reduced rates. Planning is important. To get the full benefit of these “bargain” credit hours it is necessary to understand how the hours will transfer to your future alma mater.Finish in FourThe average college student needs 5.1 years to complete a four-year degree these days.Would $70,000 be enough money to motivate you to do some careful planning? That is how much that fifth year of college is going to cost. A year of living and studying on campus at a state university is about $25,000. And, if you had finished in four years, you could have gotten a job and earned $45,000.There are a variety of reasons students don’t finish college in four years, but changing majors is near the top of the list.You need to choose a marketable major and create an academic plan that will serve as a guide through that maze that leads to a bachelor’s degree in four years or less.Advanced PlacementEnter college as a sophomore. It’s not magic. It’s a simple numbers game. If State U costs $25,000 per year, that means it’s going to cost you $833 a credit hour ($25,000/30 credit hours) to become a college sophomore. High school juniors and seniors can take Advanced Placement tests each May for about $89 a pop. With careful planning and lots of studying you can become a sophomore for less than the cost of three credit hours at State U. You must target specific colleges when planning for AP credits. Every school makes their own rules.Community CollegeFifty years ago a four-year traditional college was the “sweet spot.” Today the “sweet spot” is the community college. Community colleges can deliver a college credit hour for less than $150 per hour as opposed to $800 per hour from a four-year traditional college. (Local, state, and federal tax dollars help drive down community college costs, and the community college should be close enough to home to make commuting practical for most students.)Four out of ten students heading to college enroll at one of the sixteen hundred community colleges available in the US. This can be a hard pill for a teenager to swallow. Attending community college doesn’t enjoy the social status of attending a four-year traditional college. You may want to go where your friends are going to school, and it’s normal, upon graduating from high school, to be itching to get a taste of freedom.However, the financial arguments for community college are compelling. Consider attending a community college to complete your basic education requirements. Then, after two years, transfer to a traditional four-year college. (Check to see if the community college you are considering has a Guaranteed Transfer Admissions Agreement with the four-year traditional college where you intend to complete your BA.) If you need to work, community college is more flexible than the four-year traditional college. If your high school grades are a little shaky, no problem. Community colleges have an open-door admissions policy. You can enroll and work to improve your GPA. Save even more money. Two-thirds of students change their major at least once. The tuition rates are low enough at a community college that you can afford to experiment, find your passion, and target a future career.Branch CollegeA branch college is going to cost more than a community college, but it is a price performer. There is less anxiety of “will the credits transfer.” (You still need to verify the details.) The tuition costs at a branch college might be half that of the main campus, plus class sizes are usually smaller. Branch colleges are more likely to have on-campus housing than community colleges.Online LearningAccording to a 2012 study from the Babson Survey Research Group more than 6.7 million students around the country are taking at least one online course. Traditional online learning has been around for some time. Usually the student has the flexibility to access the course at his convenience.Online learning has the potential to reduce costs. A credit hour taken online will be in the $200-400 per hour range. Your online options include four-year traditional colleges, e.g. the University of Cincinnati has over thirteen thousand students enrolled in online courses, community colleges, or online universities like Western Governors University. (I admit I have a prejudice against for-profits, e.g. University of Phoenix, Kaplan University, DeVry University, etc.)Employer BenefitFind employment after high school with an employer who has a college tuition benefit. Live at home. Scrimp and save. Work and study. Grind out a bachelor’s degree worth $100,000 for pennies on the dollar. This is a tough option that will take a long time. It will require a lot of perseverance. Most young people will give up or lose focus. But it can be done.Banks and insurance companies are a good place to start looking for an entry-level job with this type of benefit. Don’t overlook the obvious. Some colleges have a tuition benefit for their employees.Join the MilitaryThe military provides many options for helping pay for college. Many colleges have a Reserve Officer Training Corps (ROTC) program that will provide full or partial scholarships to those who qualify. Members of the National Guard are eligible for tuition assistance. However, plans vary for each branch of service and each state. (Check the details before you make any commitments.) Active duty and reserve military have a tuition assistance benefit while they serve. The program covers 100% of tuition and fees. Veterans can attend college on the GI Bill. The post 9/11 GI Bill provides veterans with full tuition, a book stipend, and a monthly housing allowance.While there are free MREs, there is no free lunch. Uncle Sam wants you to spend some time in the service of his country in return for helping pay the school tab.Get Help From Your UncleBy that I mean your Uncle Sam. If your parents are paying federal taxes, they may be able to reduce your family’s taxes by as much as $2500 a year through The American Opportunity Tax Credit. Those savings on taxes could be redirected to your college fund.CommuteLiving at home and commuting will save money. Obviously you have to be lucky enough to be within reasonable driving distance to an appropriate college. You are going to miss out on much of the “college experience,” but you will save $5,000 to $7,000 per year versus college room and board that runs about $10,000.Be a CheapskateAre you in college to live a resort lifestyle or to walk away with a BA and minimal debt? If you have the willpower and creativity, you can save thousands. The trick is to differentiate between lifestyle dollars and education dollars. After your freshman year find three like-minded, compatible college friends and rent a bare bones apartment near campus. Skip Chipotle’s and cook at home. Dump your car and car expenses. Rent textbooks by the semester or take advantage of open source code books. Some colleges have book exchanges. Determine whether a smart phone is a need or a want. Buy your supplies at WalMart and Target not the campus bookstore. Take advantage of every student discount, e.g. a no-fee bank account. And skip spring break at Cabo. Does this sound dreary? It depends on your mindset. If you are thinking four years into the future and visualizing avoiding $10,000 in student debt, the money you save will make the payments on a very nice car.Live On a BudgetIn addition to living frugally, make a budget, and stick to it.https://www.vertex42.com/ExcelTemplates/college-budget.htmlWorkThere was a time many years ago that you could work your way through a four-year college with a minimum wage summer job and a part-time job on campus. The numbers no longer add up, but in combination with other strategies that paycheck can help minimize those student loans.There is an option on the FAFSA to request a work-study job. It doesn’t cost anything to check this box. Work-study is need based, but it is awarded generously. You make some money, and the earnings have no impact on your financial aid application.Then there is the old fashion kind of work. If you check into a hotel in a college town late at night, chances are the desk clerk will be a student holding down at least one job—including a regular overnight shift—and trying to work through college while napping between classes.LoansAnd last, AND LEAST--loans. In 2016 the average student loan reached $37,000 up twenty-two percent in three years. Twelve percent of former students are in default. Many are just making minimum payments. This is not sustainable.Loans should come with warning labels—like cigarettes.“Taking out this loan is likely to be dangerous to your financial health.”Try to limit student loans to Federal Direct loans accessed through your FAFSA.ConclusionYou will be receiving college awards letters in the spring of your senior year. At that point in time it’s too late to start exploring these ideas. If it is possible that any of these options are going to come into play because of financial restraints, start the research and planning early.