As the costs of a college or graduate education go up, students may want to evaluate their career and work choices and consider entering public service. The Federal government’s Public Service Loan Forgiveness Program allows a student loan debtor who works full-time for a state, federal, or local government or for a non-profit entity and who pays his or her school loans as agreed for 120 months to have the remainder of their school loan debt forgiven. That means that, after 10 years of full-time employment and payments, whatever remains of school loan debt disappears!
This program has some specific caveats on who is eligible and which loan programs qualify. To learn more, visit the Department of Education’s website at:
http://studentaid.ed.gov/PORTALSWebApp/students/english/PSF.jsp