Options for Student Loan Forgiveness for Those Involved With Debt Consolidation

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The breaking news today is not so breaking and earth-shattering but we wanted to keep you up-to-date on what President Obama is doing with the student loan forgiveness program. First of all, although President Obama endorses student loan forgiveness, there is a not a Federal program that ties directly into and with debt consolidation, per se. If you happen to be one of the millions of citizens in the United States that currently has some form of debt consolidation going on then do not worry as there are many other ways in which you can pay off that education from the University of Texas without having to sell you’re first born.Great StepsToday we are listing at a few of the ways that you can be forgiven for your student loan obligations. Please have a look below at three of President Obama’s newest and most revolutionary steps towards a valid and viable student loan forgiveness program in the United States. If some of these sound familiar they should be as the Federal government always has had a system of student loan forgiveness through military service and other philanthropic areas of concern. What’s new about Obama’s steps towards reforming the student loan crisis in America today revolves around extended time frames for repayment and public service forgiveness.Methods of Service Loan ForgivenessPublic Service Worker – As this form of work normally doesn’t pay a very high salary what it does give back is the feeling that you are doing something for others and your country. The government feels that this is at least worth something and has mandated that after 10 years a student loan balance of those public service workers will be forgiven.Teacher – The Federal Teacher Loan Forgiveness Program for Direct Loans is a program where qualified teachers who work full time for five consecutive academic years will have their loans forgiven. The catch is that in order to qualify the teachers must be, in what the Federal government considers, to be an elementary or secondary school designated as “low-income”.Military Enlistees with a Degree – This program is relatively cut and dry with a new recruit with at least a two-year associate degree qualifying for this program.If all of the above options are not your cup of tea then there is one more method for repayment of your student loan obligation. This is referred to as the Income Based Repayment Program.Debt Consolidation Resources