You are doing a great job as a foster parent.There is not a doubt about that. Yet, you are knee-deep in student loan bills that need to be paid off. What relief is there for you as a foster parent?In this post, we touch on various loan forgiveness programs available to you as a foster parent and we will also look at income-based packages that can be applied towards outstanding student loans.Sadly, there isn’t anything specific to foster parents (but there should be for all the good you do). However, there are various programs that potentially apply and you can take advantage of.Check out these potential program.If you’re not sure where to start with your student loans, check out LoanBuddy. LoanBuddy is a tool that will analyze your student loan debt, and show you the best repayment plan and potential loan forgiveness options you qualify for.
The Public Service Forgiveness Program (PSLF) is a popular program that forgives the remainder of your Direct Loans once you have made 120 monthly payments on your loan while working for a qualifying employer. If you work for the government, non-profit organizations or have volunteered for the Peace Corps, Americorps or VISTA, you may qualify for the PSLF. Other qualifications for becoming eligible for the PSLF are :
If you don’t qualify for the PSLF, another program you can take advantage of is the Federal Perkins Loan Cancellation.