Ways to get student loan forgiveness

Student loan forgiveness imageYesterday, we did two posts regarding the education bubble and student loans (here and here).  During our research for the article, we came across an excellent article over at The College Investor called Ways to get Student Loan Forgiveness.  Ideally, you will not have to go into debt to get a college education, but if you do (or already have) this article is interesting.

 

Before taking out student loans through, please consider the following to reduce the debt you take out:

  • Attend junior or community college for as long as possible and transfer after 2 years.
  • Evaluate the college of choice based on the value it will provide, not the size of its library or the head coach they have.  Your goal is to get an education, learn a trade and become successful.  If the college is charging a premium for things unrelated to your goal, take a pass.
  • Go to an in-state university so that you qualify for lower tuition rates.
  • Work part-time while going to school.
  • Take maximum advantage of grants and scholarships.
  • Actually “live like a student” when you are one – This means leaving ultra-freaking-cheap and doing without for 4 years. Having top ramen every night is not just a clichés — many of us did it (or something like it).
  • Compare the costs of boarding at school or off campus, etc.
  • Only use the student loan debt you take out for your education or expenses critical to your education (like books) – if you are using the money to buy a car or pay for a fancy apartment, you are doing it wrong.
  • Make sure the debt you are about to take on will have a measurable, likely and profitable return on investment.  Spending $150k on an education for a $35k a year job is probably not worth it.

However, if you are already in debt with student loans you should consider the following advice from The College Investor:

Student loans can be a great investment in your future, or can be a huge burden if not fully thought out or abused.  If you currently have a student loan or are thinking about getting student loans, you should know that student loans CANNOT discharged in bankruptcy.  This means that they will stick with you for the rest of your life, unless you pay them off, or, if you are lucky enough, qualify for student loan forgiveness.  Before going further, check out my Student Loan Calculator and read my post on Getting Out From Student Loan Debt for some other ideas on student loan debt.

More at the source.

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