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8 June 2017

Citigroup Loan Forgiveness Is There For Graduates Who Qualify

By Janet Foster

Most young people understand the value of a good education, but the reality is that many of them feel they can't afford it. Not everyone is a star athlete with her choice of top colleges or the daughter of wealthy parents who have the funds to pay for classes and housing. There are grants available, but they don't cover everything, and many high school graduates face borrowing money for the first time without a clue how to pay it back. If you have a load of school debt, there is a bank offering Citigroup loan forgiveness to those who qualify.

You can always go the traditional route and apply for loans that allow you to pay the funds back over the course of a number of years. The longer you have to pay back the money, the less the monthly payments will be. You should consider however, that during this time period you will also be paying interest.

You certainly shouldn't choose a career based on whether or not it will pay for your school loans, but if you are interested in teaching in under served areas, you may be eligible for teacher loan forgiveness. There are limits on how much debt this plan will pay however.

When you decide to go into public service, you can get your loans dismissed. You will have to work at least thirty hours a week for ten years before you can apply for this program. During that ten year period you will have to be making payments on your loans. It could take longer if you miss payments.

If you volunteer for the Peace Corps or join the military, you might qualify to have your Perkins loans discharged. Soldiers have to serve in harm's way to be eligible. If you become a teacher, law enforcement officer, or social worker and have Perkins loans, you can also apply for the dismissal.

Veterans who were disabled in combat and people who receive Social Security Disability Insurance can get their student loans dismissed. If you have a medical condition that keeps you from working for a period of five years, you can apply to be forgiven for your loans through a Total and Permanent Disability Discharge. Those with terminal illnesses also quality for the exemption.

Bankruptcy should never be anybody's first choice, and it may be very difficult to get your loans discharged this way. It is possible however if you start an adversary proceeding against the creditor. It will be up to you to convince the court that paying back your loans is a qualifying hardship.

Thinking about the debt that is piling up while you are still in school can be very stressful. You might decide to work for a year or two and save money instead of jumping right into college. Some community colleges have free tuition. A career in teaching or public service will discharge your loans. In the end, all the financial hardship will be worth it if you have the career you always dreamed of.

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