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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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You probably think you have more than enough to worry about when you’re in college.  But you need to think about your student debt.  If you really don’t have the time to look into consolidating student loans now, have a trusted family member look into it.  There are advantages to working on paying back your debt now, instead of after you graduate.

Keep This In Mind

Before you go to consolidate student loans, remember one important thing.  You can’t consolidate federal and private loans together.  They are separate financial species (in a way) and need to be kept to their own kind.  If your potential loan consolidator says that you can consolidate federal and private loans together, move on.  They just showed you that they do not know what they are doing.

First Places To Look

If you have received all of your private student loans from the same creditor, than you can ask them about your options for paying them back. They may already have a program where you can consolidate your student loans. If they don’t, they should be able to recommend other financial institutions that they have worked with in the past about student loan consolidation.

For consolidating your federal loans, you really have to contact the state or federal program that you received the loans from.  Some federal loans for undergraduates can’t be consolidated.  If you are trying to find this information yourself, you don’t have to.  Your college’s financial aid office should be able to help you find all of the information you need.

Get Clicking

The next step in looking to consolidate your student loans is by looking online.  There is a dizzying mountain of websites offering student loan consolidations.  Take your time in picking a consolidation loan service.  Some things to look for are:

Other Things To Keep In Mind

The details and rules for consolidating your student loans while you are an undergraduate differs from financial institution to financial institution.  You need to have someone you trust read the fine print.  Try to keep in mind that filling out these applications is a great education for the real world.

Some consolidation loans are only for US citizens.  Some will only be for US citizens that have an employed parent as a co-signer.  Some will require that you give some private information to fill out the forms – this is normal.

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