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As the cost of a college education continues to rise in the US, students are getting more soaked into debts. As of today, student debts stand at $1.4 trillion. By the time they are graduating, most of the students have loans ranging from $5,000 to $40,000.

While this may harm their financial health, there are various strategies of getting out of it with time. Either partially or in full: –

Student loan forgiveness

This comes in the form of multiple programs, all of which have different criteria. They include: –

a) Disability Loan Forgiveness

This benefits those with a physical or mental disability, which means they can hardly find stable employment. However, the disability a certified physician must ascertain the nature of the disability, which must also have lasted for more than 60 months.

b) Public Service Loan Forgiveness

It is for those with full-time employment in the public sector. One of the conditions they must meet is making 120 payments and also submit a yearly new employee certification form if they change employers

c) Teacher Loan Forgiveness

This is primarily for teachers and goes hand in hand with Perkins Loan Cancellation. Terms and conditions of eligibility include sitting for certain exams, be a teacher in a public school full time for at least five successive years. Besides, the school must also have the prerequisite for Title I funding.

d) Closed-School Loan Forgiveness

This happens in the event of a school closure before the students earn their degrees. This means they did not complete their study programs. Another qualification for this is if a student pulls out from the school before it closes. However, the withdrawal must be within 120 days to the planned closure.

Loan consolidation

While it is not everyone who qualifies for student loan forgiveness, there is the option of loan consolidation. It applies to people with multiple loans, whereby they are all turned into one. Nonetheless, having multiple loans is not so common among students.

Meanwhile, the government is still formulating new programs. Hence, it is important to carry out exclusive research to find what fits your needs.