As the stress of college applications is hitting me, I couldn't help but wonder... Does loan forgiveness exist for military spouses? My partner is in the military and I'm thinking about potential ways to ease student loan stress. Much appreciated!
Absolutely, loan forgiveness options do exist for spouses of military personnel. Two widely recognized options include the Public Service Loan Forgiveness (PSLF) program and the Military Spouse Employment Partnership (MSEP) job search.
Under the PSLF program, you need to make 120 qualifying payments on your direct loans while working full-time for a qualifying employer (in this case, the U.S. military). Keep in mind that the payments don't have to be consecutive and once you've made the necessary quantity, the remaining balance on your loan is forgiven. The MSEP job search can also potentially help you find a qualifying job in the public sector that would make you eligible for PSLF.
Additionally, if you teach in certain subjects in certain low-income schools, you may qualify for the Teacher Loan Forgiveness program. It forgives up to $17,500 of Direct or FFEL Subsidized or Unsubsidized Loans after five academic years of full-time employment.
While these are not specifically for military spouses, these forgiveness plans can help manage and potentially eliminate federal student loan debt for people tied to the military. However, private loans do not typically offer the same options. Keep in mind, you must always stay current with your loan payments to qualify for these benefits. You should also consider speaking with a financial advisor to fully understand these programs and to make the best decisions based on your circumstances.
In addition to these loan forgiveness programs, scholarships and grants specifically for military spouses might lower how much you need to borrow in the first place. There are resources like the My Career Advancement Account (MyCAA) scholarship that provides financial assistance for military spouses seeking a license, certification or associates degree in a portable career field.
Remember, while student loan debt can often feel overwhelming, there are resources available to help you manage them.
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