Public Service Loan Forgiveness ( Pslf ) Essay - 1553 Words

As of today Americans are facing a outstanding debt of 1.3 trillion dollars in student loans alone and it s up to 43 billion students to pay all of that back in full. Our most recent graduating Class of 2016 student is coming out of college owing an average of $37, 172 in loans, making an increase of 6% since 2015. Which is significant amount of growth to have within such a short period of time. Many of these students are unable to make their monthly payments whether it be because of the tremendously high interest rates or because they simply don t have the sufficient funds to pay their monthly quotas. But many student are also not aware of different options that are available to them that help eliminate their student loans in full or to repay their loans in a very doable and manageable manner. In this paper I will be discussing and focusing on the three most beneficial and commonly known options which are, public service loan forgiveness (PSLF) , the four different type of income based repayment (IBR), and refinancing your loans. Public Service Loan Forgiveness also known as PSLF is a program designed for federal student loans borrowers who enter a full-time in public-service jobs. The PSLF forgives the remaining balance on the students loans only if the first 120 monthly payments have been made while employed full time by a qualified employer. This means you are working for any non-profit organization, federal government position, or are serving full time for theShow MoreRelatedPublic Service Student Loan Forgiveness805 Words   |  4 PagesArticle Topic: Public Service Student Loan Forgiveness In our September 2016 blog post, we highlighted the various options for funding college education, including student loans. If you have already graduated from college and have outstanding student loan debt, you may be wondering what your options are for reducing what can sometimes be a significant burden. For individuals working in the public service sector, there is a student loan forgiveness program that may help. The Public Service Loan ForgivenessRead MoreEducation Is Crucial If One Were To Be Successful In Life.1309 Words   |  6 Pagesto pay their student loans. Students who try to further their education have had this issue for ongoing years. Not only does a student try to acquire as much knowledge as one can, but it is not a guarantee that once a student graduates from college, that he or she will have an occupation. This all factors into how it has become strenuous for students to pay their student loans when tuition fees are excessive instead of being affordable for each student. Therefore, student loans should be forgiven.Read MoreWhy Is Not Student Loan Forgiveness?1161 Words   |  5 PagesStudent loan forgiveness remains such a vital topic to many individuals because the exorbitant costs of post-secondary education require a majority of students to take on debt in order to simply improve themselves and advance intellectually. Thousands of students are graduating college every year, each with several thousands of dollars in debt. This area is important to research because it will provide insight into the futures of all college students immersed in the deep debt that appears to consistentlyRead MoreThe Debt And Interest Of Student Loans1164 Words   |  5 Pages The amount of student loans that one accumulates throughout post-secondary education can become a heavy burden. In addition, the study conducted by Scheresberg, Lusardi, and Yakoboski (2014) show that a surprising amount of students are not aware of the financial burden that they have acquired until they are deep in debt and interest. They summarize that: Overall, there is a notable mismatch among college-educated Millennials between their perceived and demonstrated levels of financial literacyRead More Financial Aid: Old Methods May Not Be the Best Methods Essay1752 Words   |  8 Pagesrepaying student loans. Scrutiny regarding misuse of governmental loan subsidy funds by lending institutions and for-profit colleges was occurring. Student debt loads were at an all-time high. High unemployment meant students could not make payments on the loans and were defaulting at record rates. The Student Aid and Fiscal Responsibility Act (SAFRA) proposed in 2008 and passed in 2009 rewrote student financial aid rules in a positive way and outmoded the ineffective old student loan system. LendingRead MorePursuing A Career As A Speech Language Pathologist1628 Words   |  7 Pagesneeded to even become competitive in the job market, which means young people have to attend college whether or not they have the finances to go. For those that donâ⠂¬â„¢t have the finances to attend college will have to take out some form of student loan. Student loan debt has become one of the worst financial nightmares for many young people, and at the same time, the education they receive is mediocre in comparison to the rest of the world. Unfortunately, this is true of every educational system in theRead MoreStudent Debt Is The Cost Of An Education3402 Words   |  14 Pagesincluding one of the most common, student loans. A student loan is defined as â€Å"a common way to fund education, specifically college and graduate school, and they provide educational opportunities that you otherwise may not be able to afford† (Barr). Student debt is at an all-time high in America. Over half of all lower income students pay for college with loans (Friedline). On top of the federal loans, students also end up using credit cards and payday loans to pay for other basic necessities whileRead MoreThe Career Path Of Forensic Science2368 Words   |   10 Pageshas worked before so I know it will work for me. Loans will be the only way to go in this situation. I may take some of my loans to the grave with me but there is still hope. As stated by Federal Student Aid, â€Å"The Public Service Loan Forgiveness (PSLF) Program forgives the remaining balance on your Direct Loans after you have made 120 qualifying monthly payments under a qualifying repayment plan while working full-time for a qualifying employer† (Public). This would be a huge help. Obviously there are