Student Loans Forgiveness Made Easy
In Credit Repair of CreditGuru (July 23, 2024 8:36 pm)
Americans have seen the highest ever level of student loans. They crossed the trillion dollar mark. America spends billions of dollars in aid to the third world countries. A sizeable portion of the tax payers’ money goes to these countries to establish the educational infrastructure. On the contrary, the American kids are forced to beg. Because the have to return the money one day, they are worse off than the street beggars.
In pursuit of education, the youth have been driven to ask for loans from Federal and private loan departments. The downside is the mounting difficulty to repay due to the stagnant economy. Because of their inability to pay back, the students have to get the loans refinancing. They decrease the payment which results in extended term, They get a temporary relief, but are still repaying the loans well into their forties and fifties. This will also mean returning three times more than the original amount.
In the recent years Americans have demanded that the government should clean the slate for these loans once and for all. They quote the bail out package for banks after the 2007 banking catastrophe. The students also need something on the lines which the government adopted for the financial institutions, They do not realize that if the banks had gone under, America would have faced a repeat of the Great Depression. But it would have been far worse.
Unemployment and low income remain the foremost reasons for the inability to pay back the student loans. But if you dig a little deeper, there will be other reasons. Many a students have succeeded in repaying their loans much before the term for which they had obtained the loan. They all had one common quality. In order to make the repayments, they cut short on the luxuries of life and channeled the bulk of their income towards this end. No dating, no vacationing, and no eating out; just paying back the loan with every penny saved.
But this is a fact that very few people can display this level of determination. There will always be genuine cases where the person is unable to pay back. Private loans cannot be waived off under any circumstances. Even bankruptcy is not admissible where student loans are involved. This applies for the federally backed loans as well. Nevertheless, the government is not as Draconian as it is made out to be.
People can participate in a number of schemes for reduction or waiver of their loans. The program is known as Student Loans Forgiveness. Through participation in this program, it is possible for people to get the loans waived off or reduced. These conditions have no relation to the disability clause which is a separate issue.
Those people who agree to serve in certain areas are considered fit for waivers and reduction in their loans. These fields consist of military service, practice of medicine and teaching in under privileged areas, volunteer work and working in some law enforcing agencies. Your loans will be written off if you agree to serve in the areas mentioned earlier. So what are you waiting for. Click on http://freestudentloanadvise.com/ and get rid of your student loans once and for all.
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Comment by Geneva — September 15, 2024 @ 12:13 am