College Funding

Finding the means to fund your college education is an extremely important factor that will have lifelong repercussions

. This should come as no surprise. Everyone should pursue post-secondary education and ideally you want to finish with a little debt as possible. So, before you begin to take out student loans to pay for your schooling, theres a little information that you should know. There are many recent college graduates who are struggling to find a job in todays economy. And even worse is the fact that almost two thirds of graduating college students are more than $20,000 in debt while struggling to find a job in their field. This has sparked wide debate over the practicality versus passion of going to college and then being overwhelmed in astronomic debt for years and years afterwards.

Thus, many students, left jobless in their field, are opting to reinvent themselves and pursue a second career field. Surprisingly, this may actually be a good thing when it comes to paying off your college funding debt. The government is creating more liberal loan forgiveness programs for students who are working in traditionally low paying job fields. If you qualify for this loan forgiveness, the federal government will reduce your student loan payments. For those who choose a career in the military, decide to practice medicine, or choose to teach in a low income community, all of their school debt may be forgiven.

In accordance with the College Cost Reduction Act of 2007, two federal loan forgiveness programs were created to assist those who decide to pursue a field of study that serves the public. These two programs are the Income Based Repayment and the Public Service Loan Forgiveness. The PSLF is the program that will forgive your debt if you choose to enter a field that will allow you to serve a low income community. You must ensure that you qualify for the program before you can eliminate the cost of your college funding.

The IBR makes college funding more affordable. It does this by providing the option to students to have their loan monthly payments reduced to a more affordable level. Monthly payments are determined by a calculation based on the amount of the applicants income and the size of their family. You must have a fairly substantial amount of school debt to qualify for the program, and the monthly payments are limited to 15% of your monthly income. So, remember, before you decide to use student loans as a means of college funding, you should be aware of how it can affect your life down the road. First, try to apply for as many scholarships and grants as you can, before resorting to college loans. If loans are unavoidable, you can still get good rates for future payments.

by: Jason Ciao

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