Most people want to save money once they get out of college, but they often get a rude awakening into the world of debt thanks to their student loans. Those student loans got you through college, but eventually you’ll need to take care of them.

1. MOST PEOPLE WANT TO SAVE MONEY ONCE THEY
GET OUT OF COLLEGE, BUT THEY OFTEN GET A
RUDE AWAKENING INTO THE WORLD OF DEBT
THANKS TO THEIR STUDENT LOANS. THOSE
STUDENT LOANS GOT YOU THROUGH COLLEGE,
BUT EVENTUALLY YOU’LL NEED TO TAKE CARE OF
THEM. FORTUNATELY, YOU HAVE SOME OPTIONS.
YOU CAN EVEN LESSEN THE AMOUNT OF YOUR
LOAN THROUGH FORGIVENESS, DISCHARGE, OR
CANCELLATION. BUT HOW DO THOSE WORKS AND
ARE YOU QUALIFIED FOR ANY OF THOSE
METHODS? FIND OUT IN THIS BLOG.
How Does Student Loan
Forgiveness Work?

2. Forgiveness, Cancellation, and Discharge
The difference between these three terms is fairly negligible. Forgiveness
and cancellation typically happens due to your work situation and
discharge usually involves disabilities. Discharge can also happen if the
school you attended closes. But what are the different types of loan
forgiveness and how do you qualify?
Public Service Loan Forgiveness
If you work for the government or a non-profit organization, you might be
eligible to have your loans forgiven. You’ll need to have made 120 monthly
payments while employed full-time to qualify for this forgiveness
program.

3. Teacher Loan Forgiveness
Similarly, if you go into the teaching profession, you might be able to have
your loans forgiven. Usually you’re required to work full-time for five
years at a low-income school before you meet the prerequisites for
qualification.
Discharges
There are a few ways to get your loans discharged. Typically, discharge
happens if you have a total and permanent disability. However, loans are
also discharged in the case of death, so family members won’t be
responsible for paying them back. In rare cases, you may be able to get
them discharged after filing bankruptcy.

4. Save Money with Loan Forgiveness
Needless to say, if you qualify for discharge or forgiveness, it makes it
much easier to save money. However, if you don’t qualify, and if you’re
trying to save money while paying your loans there are plenty of ways to
do it. A personal finance app would be a good start. An app like Cleo can
help you figure out how to save money while also paying your loans down
gradually over time. Check out this website to learn how to save money.