Student Loan Forgiveness
For some people, when they hear “student loan forgiveness” they immediately think it’s a way of getting your loan removed and forgotten about. While there are some ways of having your loans cancelled out, they aren’t entirely free.
Student loan forgiveness is basically where the federal government can cancel out some or all of your student loan. But, there are some things you need to do and be aware of. What we’ll discuss here are the two primary ways of having your student loan forgiven and that is either by completing volunteer work or signing up with the military.
Volunteering for Student Loan Forgiveness
What some people try to do is to have their loan forgiven by giving time back to the community and good of the people around you. There are a few ways you can do that. Since these volunteer opportunities are community based, you should check out and see which suits you best. A couple of the volunteer groups that participate in student loan forgiveness programs include the Peace Corps, VISTA, and Americorps. In the grand scheme of things, you can work on getting your student loan lessened and enriching the lives of not only those that desperately need it but for yourself as well. It’s definitely a win/win situation!
Americorps – Serve for 12 months and receive up to $7400 in stipends plus $4725 to be used towards your loan. Call 1-800-942-2677.
Peace Corps – Volunteers may apply for deferment of Stafford, Perkins and Consolidation loans and partial cancellation of Perkins Loans (15% for each year of service, up to 70% in total).
Volunteers in Service to America (VISTA) – Volunteer with private, non-profit groups that help eradicate hunger, homelessness, poverty and illiteracy. Provide 1700 hours of service and receive $4725.
Military Service
The Army National Guard has a student loan repayment program that can help you in your quest in obtaining student loan forgiveness. They help eligible candidates repay their loans and are glad to do so. There are a few others that offer the same options for you but you have to make sure it’s an option for you and if you even qualify.
Army National Guard – here you may be eligible for their Student Loan Repayment Program and you can get up to $10,000 (up to 50% in areas of hostilities or imminent danger). Also remember this, several military and veteran’s associations provide several scholarships and assistance programs for tuition.
If you have a Perkins or Stafford loan, these can be cancelled if you serve full-time as a teacher in a designated elementary or secondary school. These facilities are usually ones that serve low-income families, special education teachers, qualified professional provider of early intervention services, or other areas that include teaching in shortage areas. You can also get student loan forgiveness if you are an employee or a non-profit child or family service agency that provides services to children of high-risk and their families.