Student Loan Debt Forgiveness
So it's time to repay and you're having major financial problems. You've already consolidated and STILL cannot manage to pay them. You're recently lost a job, can't find a job, are contemplating bankruptcy or have other financial issues at the time. Sounds like you may be eligible for a student loan debt forgiveness programs.
Criteria for Student
Loan Debt Forgiveness
In order to receive some student loan debt relief, you need to either perform military service or volunteer work, teach or practice medicine or meet other specific criteria specified by each forgiveness program.
Types of Student Loan Debt
Forgiveness Programs
Volunteering : If you are interested in volunteering in order to receive student loan debt forgiveness, here are a few places to contact for more information.
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Peace Corps – The Peace Corps allows you to defer your loans and also repays 15% for each year you serve with them and will repay up to 70% of your total student loan debt.
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Volunteers In Service to America – This volunteer services allows you to work with non-profit private groups. Current forgiveness program provides $4,725 for 1,700 hours of volunteer work.
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AmeriCorps – Volunteers who work for 12 months with this group earns $7,400 with $4,725 of it applicable to goes toward a student loan.
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Army National Guard - The Army National Guard offers up to $10,000 of repayment for volunteers in this program.
Teaching: For individuals who become a teacher in a school for low-income families is eligible to have some of his or her Perkins Loans forgiven. 15% of one's loan is forgiven for 1-2 years of teaching, 20% for 3-4 years and then 30% for the fifth year of teaching.
Other Student Loan
Debt Forgiveness Options
As you can see, there are several ways to achieve forgiveness for your student loan debt. If you work in law, you can service in non-profit or public interest positions to become eligible for forgiveness through Equal Justice Works (1-202-429-9766). For doctors or R.N.'s, the National Health Service Corps also will provide forgiveness for various areas in which you may practice in.