Student Loan Forgiveness Programs – Many Programs to Use

August 26, 2011

Student Loan Forgiveness Programs

There are many student loan forgiveness programs out there that can provide you the opportunity to have a large chunk of your debt wiped away by being a participant in these programs. These programs can be a lifesaver when it comes to trying to get out of debt as fast as possible as well as give you experience in the feild you studied to go into. Below are multiple student loan forgiveness programs that you can use within the near future that will enable you to have a large portion of your debt forgiven.

Student Loan Forgiveness Programs

Student Loan Forgiveness Programs – Different Types

There first student loan forgiveness programs you can use are ones that inolved the act of volunteer work or community service. Here are the main programs that people are currently using:

  1. Peace Corps – This is a widely used progam that you can use no matter where you are in the US. With this program you will receive 15 percent of your loan forigven after 1 year of service, and can work up to 5 years which will result in you getting 70 percent of your loans wiped out.
  2. Americorps – The Americorps student loan forgiveness programs provide you with another resource to get some of yoru debt taken away. This specific program gives you what is called a stipend of up to 7,400 dollars, and 4,725 dollars that you can use towards paying off your loan. In order to be eligible for this money, you must provide service for 12 months.
  3. VISA or Volunteer In Service To America – This is the next volunteer service option that you can use when looking for student loan forgiveness programs

Student loan forgiveness programs are by no means limited to volunteer work, as you can find them in many other places. Here is a list of more examples that you can use depending on the feild you are looking to enter into.

  • Teachers – If you are a teacher or looking to go into the teaching profession, there are student loan forgiveness programs where you can teach in an area that really needs quality teaching the most, like in low income areas or kids with disablilities. With this option there are usually two types of programs you will find, ones that knock off a percentage of you loan each year or one that will ask you to pay loan payments on time for a certain amount of time, then after that time they will wipe clean whatever you have left of your loan. The best thing to do if you choose this student loan forgiveness programs option is to contact your schools district administration where they will tell you what schools offer these types of programs in your area/
  • Medical – There are aslo student loan forgiveness programs in the both the medical  where you can also get a good chunk of your debt wiped away. For the Medical feild, it is like the teaching option where you will be required to teach the medical profession in a place that is in dire need of it. This option can also include medical research and working with pets where vets are much needed. These programs can offer up to 30,000 off your debt each year you work with them. The best organization to contact for this would be The American Association of Medical Colleges which has an up to date list of all the student loan forgiveness programs in the medical feild.
  • Military – If you are looking to go into the military after you college schooling is finished, they offer student loan forgiveness programs as well. The best resouce when checking out what kind of student loan forgiveness programs that they offer is to contact the Military and Veteranas Association who will have an database of what they offer as far as these programs go. This option can provide you with an actual complete forgiveness which means that they delete your entire amount of debt, totally wiped clean.  This is a great way to serve your country as well as get a lot of your student debt forgiven.
  • Law – Studnet loan forgiveness programs in the law feild are where you work in public interest areas, or non profit jobs. With this feild, there are 4 diffent types of student loan forgiveness programs, those being on a federal level, a state level, a private level, and through different law schools. The repayment option for this method is that you work 10 years in a public service sector job paying on time monthly payments, and after these 10 years you will then have whatever is left on your total debt eiliminated.

If your feild happened to be not mentioned here, as these are the main feilds that student loan forgiveness programs are offered through, then the best thing to do is inquire about what student loan forgiveness programs are available for you through your loan lenders who will either have the information you need, or refer you to an organization who can help you.

Student Loan Forgiveness Programs – Conclusion

Now that you are more familiar with what there is out there in the form of student loan forgiveness programs, you can now utilize one ore even multiple of these methods. You may also be able to tell that you will be rewarded with financial help towards your loan by making a difference in peoples lives which is a pretty awesome trade off when you think about it. Depending on what you are looking for in a forgiveness program, you now know that you have multiple choices and can choose one that you feel most comfortable with. Hopefully this student loan forigveness programs information was exactly what you needed, and great luck on whichever one you choose.

Category: Student Loan Forgiveness

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