Little Rishi

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Saturday, April 4, 2009

Getting your student loans canceled

Just read a readers question on the Wall Street Journal regarding various government programs that can result in forgiveness of up to 100% of Stafford or Perkings student loans. The waiver is designed for teachers and people in certain occupations working in the non-profit or public sector. According to the WSJ article, the government can even cancel up to $17,500 in Stafford loans. The requirement is that you have to be a teacher who teaches in qualifying high-need schools for five consecutive years.

Similarly, the 2007 College Cost Reduction and Access Act discharges any student loan debt remaining after 10 years of full employment in public service if the loans are made through the government's Direct Loan program.

More info can be found by contacting US Department of Education (1-800-FED-AID) or by visiting the Website: FinAid: Loan Forgiveness

For complete article, see:

WSJ.com: Programs to Forgive Teachers' Loans

posted by Little Rishi @ Saturday, April 04, 2009

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