How The Federal Student Loan Forgiveness Program Works?




Federal Student Loan Forgivenessloan forgiveness 300x200 How The Federal Student Loan Forgiveness Program Works?

Federal student loan forgiveness programs are designed by the Government to lend a helping hand to those who feel crushed under a heavy debt.  However, they have to prove themselves incapable of repaying the amount in full.  If you are someone with a willingness to serve humanity, you would not have any difficulty to enjoy the benefits of Federal student loan forgiveness programs.  The following are some options which are there to assist you with this regard.

 

 Ontario Student Opportunity Grants

This is a student loan repayment assistance programs which exist to assist you if you are someone who has taken a loan which exceeds the amount of $7,300 for a two-term academic year.  To be eligible to enjoy the benefits of this plan, you should be someone who has applied for a loan under the Ontario Student Opportunity Grants program during the academic year 2010-2011.  The greatest advantage of this program is that you are not required to submit any specific application to avail this facility.  Upon submission of the application for a full-time academic course, the Government verifies that you are eligible for the benefits.  Done this, your grant is sent to the bank or any other lender from whom you have taken the loan.  You would be informed of the above process with a confirmation letter that you have received the OSOG.  However, do not even think of abandoning the course in between.  This may create difficulties for you in the form of penalties or any of the sort.  The facility would be available only for those who have taken a loan from Canada-Ontario Integrated Student Loan program.

Student loan forgiveness programs for who are willing to serve as doctors and nurses in under-privileged areas

With a view to strengthen the health sector in rural areas, Government of Canada have initiated a program of student loan forgiveness for those who are willing to serve as physicians and nurses in remote villages.  If you are a practicing doctor, you are eligible for student repayment assistance of up to $8000 a year, up to $40000 to the maximum.  And a nurse would be able to enjoy this benefit, up to $4000 a year, up to 20,00 to the maximum.  And the initiative is gaining momentum in the entire nation as a practical means to boost health-care industry in the remote areas.

 

B.C. loan forgiveness program

This program exists to assist you if you are willing to assist the community with your qualifications.  A person wishing to enjoy the benefits of student loan forgiveness under this program should be a lately graduated candidate who is willing to serve in any of the institutions or facilities run by public funds.  There may be instances where you would be required to serve in the remote areas of British Columbia to enjoy the benefits of student loan forgiveness.  The eligible professions include the following:

  1. Nurses
  2. Fresh graduates who are into this field to determine a career path
  3. Residence physicians
  4. Midwives
  5. Physiotherapists, especially those concentrate in speech pathology
  6. Pharmacists and occupational therapists
  7. Teachers of the visually impaired or hearing impaired

 

If you are someone wishing to get benefited from this program, you are required to download the application form from the website.  The site would furnish you with information on the eligibility requirements and the legal formalities related to the process.

Even private lenders are there to assist you if you find yourself unable to repay a huge amount of loan taken.  However, it is always advised that you apply for a federal student loan forgiveness programs.  Government loans give you sufficient time to repay your loans.  Furthermore, you are eligible for all the rights of a general citizen.  However, before applying for any assistance of this kind, make sure that you pay off all the interests.  Defaulters may have a hard time finding a lender who would be willing to take up the case.

In the instance of your choice falling upon a private lender, make sure that you are well aware of all the service terms and conditions before signing up the agreement.

Student loans should not scare you away from pursuing your career dreams.  In fact, if you are willing to serve humanity for a short time, even if your loan is a huge amount, that would be forgiven and you can become free from all your debts within the time of may be 10-20 years.