Student Loan Debt Relief: How It Can Help You

2007-03-08 10:33:40

( Financial )



Student loan debt relief comes in the forms of loan consolidation and loan deferment, among others. A lot of fresh graduates face an enormous amount of student debt immediately after graduation. Student loan debt relief programs are designed to help recent graduates with their debts. Some programs walk you through the consolidation process; some allow you to defer the repayment of your loans until you are in a better financial position to do so.

This is true especially for medical students who just graduated and are about to join their residency program. Medical school is very expensive and the average amount of debt a medical student has upon graduation is staggering.

Student loan debt relief programs are continuously being restructured to help students with this kind of hardship. A lot of organizations are aware of this hardship on students and they are steadily looking for ways to ease their debt obligations. Student debt is one of the factors a medical practitioner is deterred from practicing medicine in public health services and other similar areas.

Organizations that support student loan debt relief programs push for the preservation of the federal loan consolidation program. They are also trying to abolish the single-holder rule wherein you can only consolidate loans if they are from the same lender. They are also trying to push for lower origination fees or loan application fees for student loans in Congress.

Medical organizations are also trying to redefine the eligibility requirements for loan deferment. One of the requirements is that the student is undergoing economic hardships. Medical organizations firmly believe that economic hardships should include student loans. The loan deferment period should also be extended to cover the whole residency and fellowship period that a medical graduate still has to go through.

Debt relief programs also help students who have dependents into consideration. These students can declare dependent care costs like living expenses and insurance into their loan eligibility.


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