Drowning in Student Loan Debt? Maybe Student Loan Forgiveness Can Help You!

A student loan gives you access to financing for your college or university education. It is an investment in your future. Still, a student loan can become a burden to you if you abuse it.

Call Now: 866-929-4035While in school, students are focused on their education, buying books, and day to day survival. However, some students misuse their student loan financing and end up needing additional funding. By the time they get out of school they have a mountain of debt and can’t find a good paying job right away to help them pay it down.

Since it is not possible to discharge a student loan in bankruptcy, many students are trying to learn how to get accepted for a student loan forgiveness program.

What is a student loan forgiveness program?

A student loan forgiveness program can forgive you part of the loan or even the entire student loan.

However, to be eligible for student loan forgiveness programs, there are several things you need to do. Here are some ways to get into a student loan forgiveness program:

Public Service Loan Forgiveness

Working as a public servant for at least ten years can qualify you for student loan forgiveness program. You are eligible for student loan forgiveness after making 120 payments, which takes about ten years.

When it comes to the type of employment that you can seek, public service is quite broad. You can be employed by a local government agency, federal agency, an organization, or even NGOs. A NGO is A non-governmental organization (NGO) It’s a non-profit organization that is run independent from states and international governmental. They are usually run by utilizing volunteers and are funded by donations.

If the organization is a partisan political or a labor union, student loan forgiveness may not be an option.

Volunteer work

Volunteer work is not an easy life commitment. With organizations like VISTA (Volunteers In Service To America), you can participate in work that benefits the society while paying off your student loan. They offer volunteers money that goes into your student loan debt.

If you volunteer at PeaceCorp, you will receive an automatic deferment for the following loan types: Perkins, Stafford, or Consolidation. Also, for Perkin Loans, you can get a partial cancellation of the loan depending on how long you have volunteered. At the moment, the rate per year is 15%. The maximum you can get is 70%.

Also, you can get $4,725 if you serve in the Americorps for 12 months. You can receive a similar amount of money by volunteering VISTA for1700 hours.

Serving in the Military

Call Now: 866-929-4035
Offering your services in the military is a good way to pay off a massive debt reduce student loan debt. Typically, finding a job when you are a fresh graduate can be a challenge. However, the military will only pay for student loans provided by the federal government.

The various options here include Military Student Loan Deferment, Service Member Civil Relief Act, Income Based Repayment (IBR), Public Service Loan Forgiveness, and Annual Principal Reduction (for Perkin loans).

Teaching

You can receive partial cancellation on your Perkins Loan by working as a full-time teacher in schools that educate children from low-income families. It can be an elementary school or a secondary school.

For the first and second years, the program will forgive 15% of what you owe. The third and fourth years get 20% each. For the fifth year, the program will forgive 30%.

The Public Service Loan Forgiveness is set to replace this program.

Legal studies

If you volunteer in some particular law schools, you can qualify for their student loan forgiveness programs. Such programs offer deferment payment plans, cheaper interest rates, or forgiveness on loans. Often, you have to be earning a specific amount of income to qualify for these programs.

Medical studies

Medical students have access to several options when searching for student loan forgiveness programs. No doubt a career in Medicine is demanding. Still, school tuition is expensive even for those pursuing their degree online. However, with student loan forgiveness programs, you can offer your service or pursue an MBA degree without worrying about mounting student loan debt.

As an example, the U.S. Department of Health and Human Services provides two student loan forgiveness programs.

  • National Health Services Corps – You can be forgiven up to $170,000 if you provide medical care in particular areas.
  • Nursing Education Loan Repayment Program – You offer your services for two years at a non-profit organization, you can receive 60% off in loan forgiveness. For a third year, you can be forgiven an additional 25%.

 

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Elizabeth Roberts

Elizabeth Roberts

Liz Roberts and her team are continuously providing information to people who are ready to repair their credit and improve their credit score. Also NewHorizon.org team strives to empower the homebased and small business owners by bringing information that can help them to manage and grow their businesses. Let our 24+ years of business finance experience help you to get the financing you need! CONTACT US if need financing for your business.

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NewHorizon.org is an independent, advertising supported website. The owner of the site may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website. NewHorizon.org has not reviewed all available credit card offers in the marketplace.

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