Smiling Woman Who Use Student Loan Forgiveness

5 Things To Do If You Qualify For Student Loan Forgiveness

If you’re one of the lucky few who qualified for Public Service Loan Forgiveness or another kind of student loan forgiveness, good for you! You’ve done your time, and you’re finished with those dreary loan payments.

Never again will you have to scrounge for cash just to make sure you don’t default on this month’s payment. You can rest easy knowing the federal government has let you off the hook by way of student loan forgiveness.

So, what are you going to do next?

  1. Have a party!
    You don’t have to fret about those monthly payments anymore. Take all that money that would have been spent on this month’s payment and throw the craziest, biggest, best debt-free celebration ever! Just don’t put it all on your credit card (then you’ll have a whole new host of debt problems to pay off).
  2. Buy a car.
    You’re already used to sending hundreds of dollars a month down the drain. At least if you spend money on car payments you’ll get to use the car. Heck, you might get more use out of your new convertible than you got out of that college diploma! Just kidding, of course. Your philosophy degree makes a lovely wall hanging.
  3. Get a dog.
    Now that you’re debt-free and taken care of, it’s time to take care of something else. As a responsible adult who’s carefully fed and groomed the hungry monster that is student loan debt, you’re now qualified to feed and groom a cuddly little puppy. Hopefully that puppy won’t bite the hand that feeds it (we’re looking at you, student loans).
  4. Quit your job.
    We know you didn’t get a job in public service just to qualify for Public Service Loan Forgiveness...right? Well in any case, you’ve served your debt to society. Now that you don’t have to worry about those pesky loan payments, you can go do what you’ve always wanted, whether it’s in public service or another job sphere.
  5. And finally...go back to school!
    You just finished paying for that wonderful undergraduate degree. Now, isn’t it time you went back and got your Master’s? With all this extra income you’re about to have, you can pay for classes instead of paying the federal government. You can even apply for more student loans to cover this degree!

    If you’re lucky, you can repeat the whole process and qualify for student loan forgiveness again, too.

 

Last Updated: October 08, 2014