The program is targeted at individuals working in public services, so the military personnel are eligible for loan forgiveness under this program. The program cancels any remaining student loan after 120 monthly payments made on time and consecutively. During this time, the candidate must have a full-time job (at least 30 hours/week). The program is not as direct as the CLRP, nor does it offer high forgiveness, since there are few chances that the military has a high amount of money to pay on their loan after 10 years of full payments. Also, the program was established in 2007, which means that individuals will start benefiting from it in 2017, so it is not a solution for military members in immediate need of help.
A good way of making the loan easier on the budget is to recalculate monthly payments. This will offer a partial relief on the financial burden and leaves more for the loan forgiveness coverage. Continue reading "3. The National Defense Student Loan Discharge"