2. Students generally tend to self-finance their graduate programs
and thus end up taking loans. At times, the loans they take
during the tenure of their education are more than one. After
completion of the course, the student borrowers get a period of
six months to start a job and start repaying their loans. But the
duration of six months gets exhausted pretty fast and then the
students are stressed to repay their loans no matter how and
where they arrange the funds from.
3. Federal Loans Applicable for Forgiveness
The Federal government has brought many humanitarian
and public sector jobs under the ambit of loan forgiveness,
with the idea of students concentrating on the good
service rather than taking stress about their loan
repayments. The loan providers would provide all the
possible methods of getting the Federal loans forgiven.
4. Teacher Forgiveness Program
In case a borrower spends five full years as a teacher in low
income elementary or secondary school, they are eligible for
forgiveness of the entire loan in case of Perkins loan taken by
them.
5. Public Service Forgiveness Program
Borrowers under the William D. Ford Federal Direct Loan program
can apply for this type of forgiveness in case they join a public
service or a non-profit organization on a full time basis. Public
service organizations such as local, federal or civic bodies and
nonprofit organizations exempted from paying taxes.
6. Student Loan Forgiveness Program
by the Military
All branches of military from the Army to the Navy have
individual powers to forgive student loans depending on
the rank achieved by the borrower.