Avoiding Student Loan Repayment Legally

After the classes are done, and we start out on our job search, we have to start considering our student loan repayment. You don’t have to go very far to come across someone who has had a bad experience with the Student Loan “people”. When you apply for college/university they make student loans seem so simple, so easy. Even the student loan repayment process seems as though they almost pay it back for you, with all of the options they throw at you. Until you graduate, get a job and don’t hear from them for 8 months, then find out that they have done horrible things to your credit! Student loan repayment doesn’t have to a nightmare however, and there are actually things (legal things!) you can do to avoid paying it back altogether!

The Easy Way Doesn’t Always Work

The government doesn’t always work the way we think they will, and they don’t always do what we think they will do, even when it comes to student loan repayment. You may have heard of someone or know somebody who had their student loan magically disappear, only to find out that the government forgave their loan out of the blue. Everyone hopes for this to happen to them, but the reality is, it probably won’t happen. This type of loan forgiveness is so random, and since you can’t request it, you should plan on other ways to reduce your student loan. If you sit back and wait for a miracle to happen, you will probably end up with your student loan in collections, and ruined credit.

What Does Work?

There are a few roads to loan forgiveness, and some are more unique than others. If you are the type of person who likes to get out there and experience life, then these first few options may work out great for you:

  • Volunteering: I don’t mean helping out at the local food bank – you have t take volunteering to the extreme to get out of paying your student loan! If you are interested in the Peace Corps, National Guard or other military efforts, then you could qualify to have all or a part of your loan forgiven as a result of your volunteer efforts.
  • Working: Take a look at where labor shortages are in your country. The government is offering loan forgiveness for people who are willing to work in more disadvantaged, forgotten areas, as long as your degree is a needed one. Teachers, nurses and doctors especially qualify for these programs. If you have compassion and a big heart for the disadvantaged, then this method of loan forgiveness can be a very rewarding one, and also give you great life and job experience.
  • Other Government Programs: Research and find out what your state is currently offering. Every state has certain programs and grants that will forgive part or your entire loan, as long as you qualify for them.

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