Managing Student Loans

So, it is time for you to start repaying your student loans and though they have helped you through the whole process of obtaining your degree you wished you did not have to pay them back? Amazingly, it is possible to obtain waivers on your student debt payments provided that you meet certain requirements. You can get a partial waiver or a full pardon of your debt and become debt free.

Usually after six months from graduation you need to start repaying your government student loans. With any luck, you will be able to postpone repayment for an additional six months period but that’s about it. There are however, things that you need to understand if you plan to request a partial or full cancellation of your federal student debt as it is not such a simple process as you may think.

Which Kind Of Student Debt Can Be Waived?

This is an important issue because not all student debt can be waived. Only government student loans and certain (but not all) private subsidized student loans can be forgiven. Private student loans can be renegotiated, consolidated but not forgiven. Thus, you need to analyze how is your debt composed in order to see if you can benefit from a student loan waive or you should resort to other debt reduction and elimination means.

Legally speaking, there is no obstacle for a private lender to condone a debt, but there is no economic reason for a private lender to do so. On the contrary, there are circumstances under which the government has reasons to partially or totally condone student debt. The idea is that the borrower compensates the forgiveness by providing certain services that are otherwise hard for the government to get.

Under What Circumstances Can I Obtain A Waiver?

Once you have graduated, you can start your new life working on your profession. There are certain careers that will provide you with this benefit as the government needs those professionals working on specific places. Among these professions you will find: members of the armed forces, teachers working fulltime on certain districts, special education teachers, etc.

Also, for those of you that have gone through law school, if you undertake a law enforcement job as a prosecuting attorney or work in correctional offices, you will be eligible for a partial or full waiver on your student debt . Of course, there are requirements that you will need to meet that exceed the purpose of this article. However, you will be able to request further information from the corresponding government agencies.

What Are The Alternatives If I Do not Qualify?

If you do not qualify for a waiver on your student debt and you think that you will not be able to cope with the monthly payments after graduation, you need not worry. It is possible for you to consolidate your student debt and obtain lower and affordable monthly payments by exchanging all your loans for a single loan with a lower interest rate and a longer repayment program. You can agree this with the government agency that provided you with financing for your studies or you can obtain a private loan from a lender or financial institution.