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Although the media and financial institutions have been reporting about how crippling student loan debt is to modern American graduates, there are worse things in life.  Because of the economy, everything costs more, especially a college education.  Don’t get pressured into taking advice from questionable sources about paying off your student loan debt.  Unlike other things in life, there is always hope for paying off your student loan debt.

Averages And Interest Rates

In 2006, the average student loan debt of an American 4 year college graduate was $20,000.  The first payment on these loans is normally six months after graduation, whether you have a job or not.  This statistic is incredibly scary at first read.  It seems like you can’t win no matter how hard you try because of student loan debt.

However, when you born you owed some government somewhere a certain amount of money in future taxes.  It is next to impossible to get through modern American or European life without owing somebody a heck of a lot of money.  Have you ever looked at how much a house costs?  That will make your student loan look paltry in comparison.

Banks and other financial places that give any kind of loan will always initially charge you the highest possible interest rate they can.  It is only with the interest rate do they make any profit.  However, you don’t have to keep paying that high interest rate throughout the life of your student loan debts. 

You Are Not Hopeless

There are always things you can do to negotiate a lower interest rate.  This is even better when you have had a job for a while, as you can prove that you are a low-risk borrower.  But you can always contact a debt management specialist at any point of your life.  These are often non-profit organizations that will offer you money management classes as well as a consolidation loan.

A $20,000 student loan debt, believe it or not, isn’t that much.  You can conceivably pay it off in comfortable monthly installments in about five to seven years.  That’s a lot shorter than a mortgage.  You might be even rewarded with a refund if you are able to make more than your minimum payment per month.

But you have to learn how to manage your money.  That’s the difficult bit.  You can’t get a new car, furnish your apartment and order pizza every night when you have a student loan debt to pay back.  In learning how to live frugally now, you not only learn more than your college every taught you, but you get a great credit score for paying back a loan.

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Although you don’t need to go to confession to be eligible for student loan forgiveness programs, it doesn’t hurt to pray to any and all Gods and Goddesses known to man.  A good Goddess to pray to is the Roman Goddess Fortuna, who is where we get the words “fortune” and “fortunate” from.  She is responsible for the original Wheel of Fortune.  Federal student loan forgiveness programs are issued for exceptional circumstances, sop it doesn’t hurt to get help from high places.

Eligibility Requirements

Be sure your federal student loans are really really bad before you consider student loan forgiveness programs.  They won’t wave a magic wand and you can walk away scott-free.  No, you have to work for these babies.  And often, they will not pay the entire loan off, just part of it.  Here are the eligibility requirements in for federal student loan forgiveness programs.

You are eligible if you are doing a lengthy spot of volunteer work from only these three volunteer groups:

You are also eligible for federal student loan forgiveness programs if you are in the military, including the National Guard.  You are also eligible if you are a teacher in certain low-income areas (including the entire state of Mississippi).  You must contact the American Federation of Teachers for the most recent eligibility list.  It’s easier to just bite the bullet and pay the loans back, isn’t it?

Unusual Areas Of Forgiveness

For some reason only Fortuna knows, attending certain schools or getting certain loans can make you eligible for student loan forgiveness programs.  Since these programs change, you need to always check these out before committing to anything.  If you attended Baker University’s Colleges of Arts And Sciences in Kansas, you’re probably eligible.  No reason.

If you studies law enforcement, penology, parole and probation or law in Alaska under the benefit of the Michael Murphy Loan, you are also eligible … both of you. (That was a joke.)

If you word for the state of Maryland and make less than $40,000 before taxes per year, then you are also eligible. 

If you studied nursing, you also may be eleigable for partial repayment of your student loans, especially if you are with the National Health Service Corps.  You need to double check with the Nursing Education Loan Repayment Program.

All the rest of you, keep on praying.

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Canadian student loans are only available to students who live in Canada.  So if you are an American hoping to get a loan from the Canadian government for an American college, sorry.  If you are an immigrant to Canada, you better check about the particular Canadian student loan offered to see if you are eligible.  If you are a Canadian student wanting to study in America or any other country, then you are still eligible for a loan.

All Hail

The organization in charge of Canada’s national student loans is the Human Resources And Social Development of Canada.  There are also student loan and financial aid departments in each of Canada’s provinces.  In other words, there are many places to check out Canada’s student loans.

There are also privately funded Canadian student loans available from banks and other lending institutions.  You need to check the details about them from the particular bank you wish to get a loan from.  Keep in mind that these private loans often have higher interest rates than the government loans.

Never Give Up

There are some unusual Canadian student loans that may fit the particular situation you are in.  The reason these loans have low interest rates are that they conditions to get them are specialized, so there will be fewer students getting them than for other kinds of loans.  These specialized Canadian student loans include loans just for part time students, for women pursuing doctorates and for disabled students.

Canada’s student loans are not just for teenagers looking to get their Bachelor’s.  They are also available for those wanting to pursue a doctorate or master’s degree.  Don’t assume that your case is hopeless – keep on searching!  And getting one of Canada’s student loans may make you eligible for tax breaks.

Revisions

The average time is takes to repay one of Canada’s student loans is 15 years.  Keep in mind that’s just the average and does not apply to all students.  However, if you have some problems with the terms of your student loan, you do have a right for revising the terms of it.  You need to contact the National Loans Student Service Centre for information. 

There are three main reasons why people want a revision on the terms of their Canadian student loans.  One is that they may be able to make a lump sum payment for a majority of the loan and would like lower interest rates to pay off the rest.  Another is to decrease your monthly payments for a short time.  The final revision is to decrease your monthly payments permenately.

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