Federal Student Loan Forgiveness Programs

In order to make more accessible college learning for all people, student can get financial assistance called the student loan forgiveness and the service payback program which is usually constituted. Certain area are experiencing lack of expertise, this program also can stimulate the student to able to work in there. National Defense Student Loan Program which is one of the first Federal student loan forgiveness program. National Defense Act authorized the program in 1958. At first Public school teacher is the reason why this program is launched but as time goes by some provision is made in Federal Student Loan program to allowed student borrow from the program

In recent Congress meetings which is the 109^th Congress meeting introduced several loan forgiveness suggestion also as known as service payback provisions also introduce several bill too in the congress. The current major federal loan forgiveness program which is administered by the U.S Department of Education (ED) is mentioned in this report. Short summary of the other major federal loan program is made by them. And after discussing policy issues that are involved and the legislation the conclusion is the loan forgiveness or service payback programs different for each work contingent of student financial aid.    

One of requirements for students in order the federal student loan forgiveness program covers all or a portion of they school cost is after the student completing their education they must accept to work in a specific area. The students should to give services in return for have received the service which is help in covers the student cost or a portion of their learning cost when they are still in school. The student have to accept the requirements in the program which is to give services in return but they are not forced to do it and the services take place some years in advanced. The student will get financial penalties if them are unable to meet their side of agreement.

In exchange for in designated duties, the loan forgiveness program covers a given percentage of former student educational debts. The debts which the student have been having is paid by the loan forgiveness program and also sometimes the program pay apportion of the student debt after the student finish their college and has started working in the job which he accepted to work in. As long as the student doing their voluntary work the program pay the debt for them even after they have completed doing their service. The concept of student loan is just giving back to the community which they can volunteer to work of what they have helped the student complete their college studies.