Preying some of your student loan debt will vanish because you’ve chosen a unique career? That probably depends on what state you’re from, what type of loan you have, and what profession you’re in. Most states watch over the status of federal student loans and offer loan forgiveness programs for those who follow certain career paths. Some places have been using excess revenues and state government funds to create their own loan forgiveness benefits.
The Pennsylvania Higher Education Assistance Agency, for example, recently cut its forgiveness programs for nurses and members of the military. PHEAA had been using money it made from activities like buying and selling student loans to help students say goodbye to debt they accumulated from college. “We’ve had to modify the programs we offer simply because we don’t have the funds coming in that we used to,” says Keith New, the agency’s spokesman.
So what’s a current college student to do? First off, check what type of federal loan you’ve received. The most common type of loan comes from the Federal Family Education Loan Program (FFELP), followed by loans from the William D. Ford Federal Direct Loan Program. Then go to your Universities Bursar and ask for loan forgiveness.