Student loan debt forgiveness isn’t a myth. It is possible to have some or all of your student loans forgiven. There are many 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 many ways. These include being involved in volunteer public service work, serving in the military or teaching in a designated secondary or elementary school for low-income students.
If you are a teacher 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 give 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 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 above-mentioned activities and meet other various requirements too.