One of the latest news in the USA today is President Obama is doing a student loan forgiveness program. Although President Obama started student loan forgiveness, you cannot find any Federal program which links with and into debt consolidation. If you are one of the citizens in the US that currently has debt consolidation then there is no reason to worry as there are still many other methods in which you can pay off and erase your debts.
Student loan forgiveness is a program signed by President Obama through which a student would be able to eradicate the need of having to pay back the student loans that he or she borrowed. However, there are certain requirements to eligible for this program and qualifications needed are quite specific.
The goal of this article is to list some ways in which you can be forgiven for your student loan obligations. You can also find later in the article the president’s most revolutionary steps towards and viable and valid obama loan forgiveness program in America. You might find the terms familiar as the US government always has had a system loan forgiveness. The meat of Obama’s reforming the student loan crisis revolves around extended time frames for repayment and public service forgiveness.
A student can be eligible for Obama’s loan forgiveness if he or she performs certain kinds of volunteer work. For instance, if a student renders service in AmeriCorps for at least year, then he or she can receive monetary rewards to be used towards paying their loans. Members of VISTA or Volunteers in Service to America can also receive money to pay off their loans if they volunteer at least 1700 hours. Moreover, students serving in the military can also receive up to ten thousand dollars towards their loans. This is part of the Army’s Student Loan Repayment Program. For more facts and info regarding loan forgiveness, you can go to http://www.ehow.com/how_4695399_student-loan-forgiveness.html.
Students who also wanted to become teachers are also qualified for student forgiveness. Elementary or secondary school teachers can qualify to have 15 percent of their Perkins Loan forgiven during their first two years of teaching.
The main point of obama loan forgiveness is to offer service to less fortunate people and get a benefit or reward. IF people are willing to offer their care, service, time and expertise, then they can be liberated from a large amount of financial debt and obligation. Because of the decision made by President Obama to strengthen loan forgiveness to more students, loans that you took out to pay for college may get much easier for you to handle.