What Does It Mean to Get Your Student Loan Forgiven?

Did you know that you can eliminate a few or even all your student loans? Well, that’s what it means to have your student loans forgiven.

It all depends on your current employment status and your qualification. Some individuals who can’t afford to repay their student loan, but exceed well in their educational institution, could easily qualify for several forgiveness programs.

If you are employed, you can refer to your human resources department, to check whether you qualify for having your student loans forgiven. There are also more ways to do so.

Different methods on how you can get your student loan forgiven

#1 You can volunteer

Many student loan organizations may offer you student loan forgiveness, and in exchange, can get their student loans eliminated, or at least some of them.

You’ll have to volunteer for a while, however. Sometimes, you can even get more than 50% of your student loans paid off, which is quite a lot, considering how expensive a college or university degree costs nowadays.

#2 You can join the military

An option that is not very likely to be presented in South Africa, but in some cases, still works within the country. If you look at places such as the U.S, it is considered one of the biggest reasons, apart from wanting to serve your country, to go to the military.

#3 You can become a teacher

Again, just like going to the military, teaching is not necessarily for every time, but if you’re studying education or something along those lines, you’ll be able to work your way to having your student loans forgiven. Providing some type of important service to your country is the best way to qualify for student loan forgiveness.

#4 Get into medicine or law

Considered as two of the most difficult fields of study, apart from anything too mathematical, becoming a doctor or lawyer and working at either a law firm or hospital, can help you qualify for student loan forgiveness.

Studying nursing, for instance, can have close to all your debt forgiven, which will leave you with both a qualification and provide you with the experience you need to continue your career in medicine.

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