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Student Loan Debt Forgiveness Programs
Student loan debt forgiveness isn't a
myth. It is possible to have some or all of your student loans forgiven.
There are numerous programs available that will actually pay off all or
part of your college loans. Unfortunately, many of these loan
forgiveness programs aren't widely advertised and those who are eligible
don't even realize that they qualify.
Are you interested in reducing your educational loan repayment? Read on
to get tips on how to have thousands of dollars wiped off the balance of
your educational loans. You will learn about loan cancellation programs
that are available and then finding ways to meet eligibility
requirements of such programs.
Qualifications for Student Loan Forgiveness Programs
Student loan forgiveness only applies under certain circumstances
and depends on your work performance. To qualify, you will need to
trade your time in a variety of different ways. These include being
involved in volunteer work, serving in the military or teaching in a
designated secondary or elementary school for low-income students.
If you are a teacher, for example, there are student loan
forgiveness programs for either Perkins Loans or Stafford Loans.
Student loan forgiveness is available to you if you teach full time
in certain subject areas such as mathematics, science, foreign
languages and bilingual education or if you provide special
education to students with disabilities.
Other Student Loan Debt Forgiveness Programs
1. Loan forgiveness for social workers. Peace Corps volunteers may be
able to defer payment on their educational loans as well as receive
forgiveness for their Perkins Loans. VISTA (Volunteers in Service to
America) also offers partial college loan forgiveness. Your student
loans may be placed in deferment or forbearance while you are serving.
2. Student Loan Forgiveness for Nurses. Several loan forgiveness
programs are available for nurses who practice in areas that lack
adequate medical care. The Nursing Education Loan Repayment Program (NELRP)
repays up to 60% of your college loan balance if you serve at least 2
years in critical shortage facilities.
3. College loan forgiveness for military service. The Army National
Guard has a program called Student Loan Repayment Program (SLRP), which
is available to those who have existing student loans when enlisting or
those who get the loans after joining. The downside to this is there is
a six year commitment.
4. Educational loan forgiveness for non-profit employees. The government
has developed programs to forgive up to 100% of the college loan balance
for early childcare professionals. To qualify for this program, you must
hold a degree in early childhood education and work full-time for 2
years at a qualified facility.
There are other student loan debt forgiveness programs at the state or
federal government level. If you want to get loan cancellations, inquire
with the human resources department of your employer or groups that you
volunteer for. Just show your excellent performance in one of the
abovementioned activities and meet other various requirements too.
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Forgiveness to Debt Firms Home
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