Black Self-Empowerment Tip #2 - One way to reduce student loan debt
Greetings Citizens and Guests of Afro-Pick.com!
Today we wanted to throw out a small tip for reducing student loan debt that should be doable by quite a few black people. The tip only applies to black people in America who work in public service whether that be at a local, state, or federal level. Considering that the largest employer of black men and second largest of black women just happens to be the public sector we hope that this tip can help a few of our readers out.
There is a program called 'Public Service Loan Forgiveness' and what it does is allow a qualifiying individual to make regular payments on their student loan debt for 10 years (120 payments) and at the end of the term they can apply to have the remaining balance of their debt forgiven. This only applies to DIRECT FEDERAL LOANS, so if you have other types of loans our suggestion is to first consolidate your loans by contacting the following:
Student Loan Support Center Federal Student Aid U.S. Department of Education Website: https://studentloans.gov
Phone Number: 1-800-557-7394
Once you have consolidated al your loans into one direct federal loan, then apply for the Public Service Loan Forgiveness program. You will need an FSA ID which can be obtained here: https://fsaid.ed.gov/.
Hopefully this tip helps someone out and if we missed anything or if you have other tips for reducing student debt in the black community please share with us!
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