School Loan Forgiveness Programs – Nowadays, with the rough economic situation and the increasingly expensive expense to pay for education most students graduate from their school with a burden of hefty student loan debt. This debt takes years to repay and sometime when the graduated student experiencing financial difficulties it cannot be repaid at all. In such situation, school loan forgiveness programs become one of the best solutions. By applying and participating in those student loan forgiveness programs you can reduce or even eliminate all of your student loan debt. Not a bad deal, right?
However, to find a school loans forgiveness programs is not an easy task to do. Need a considerable effort and time to find a program that is really suitable for you. Here will provide you with information about some school loans forgiveness programs you can choose as well as tips to get the most suitable program:
Tips to Get School Loan Forgiveness Programs
- The easiest way to find the programs is to look for it on the internet, there are several government institution offering student loans forgiveness program such as Department of education. The program is intended for teacher who has a federal Perkins loan and teaches at school dedicated to low-income students, teach unpopular subjects (shortage of teacher) or teach special education. To get further information and apply for the program you can visit the department of Education website at Studentaid.ed.gov and look for the “Student Aid on the Web” section.
- Another way to get school loans forgiveness programs is to volunteer in some non-profit organization such as Peace Corps or AmeriCorps. This is ideal for student who looks for adventurous experience, organizational experience, while reducing the burden of their debt. By joining the Peace Corps in four years you can reduce your debt up to 70 percent for certain types of federal students’ loans. AmeriCorps also offer similar program, by volunteering with them for one year you can receive funds to repay your student loan partially as well as living stipend. You can look for more information about the programs by visiting each organization websites at PeaceCorps.gov for Peace Corps and Americorps.org for AmeriCorps.
- If you are a medical student you can try to find student loan forgiveness or repayment program provided by the Association of American Medical Colleges. You can find list of available programs at the Services.aamc.org.
- Ask the school that provided your student loan about any career choice that will enable you to get loan forgiveness. For example, you can get loan forgiveness for a Federal Perkins Loans if you work as a full-time, law enforcement officer, a full time nurse or staff member of a Head Start program.
- If you have disability after you graduate, you may apply for school loan forgiveness programs based on a disability. To apply for it you need to prepare disability statement signed by your doctor.
Volunteering in the U.S Military. By joining the military you can get access to the Military’s school loans forgiveness programs.
References:
- MoneyUnder30.com: Student Loan Forgiveness Guide. moneyunder30.com/student-loan-forgiveness-guide
- StudentAid.ed.gov: Student Aid. studentaid.ed.gov/PORTALSWebApp/students/english/index.jsp
- Money-Zine: Student Loan Forigveness Programs. money-zine.com/Financial-Planning/College-Loan/Student-Loan-Forgiveness/
- FinAid.org: Student Loan Forgiveness Programs. finaid.org/loans/forgiveness.phtml
- Americorps. americorps.gov/
- NIH Loan Forgiveness Program. lrp.nih.gov/
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