A student loan forgiveness program allows a college graduate the ability to eliminate the paying back of the student loan balance that was borrowed. Keep in mind that the stipulations attached to this program can be quite specific.
If you happen to be the first person in your family to attend college, chances are you are asking yourself what exactly this program is. To answer your question, the Student Loan Forgiveness Program allows college students to get rid of the student loan that is hanging over their head by performing specific charity or volunteer work. For example, a college student that volunteers for a full year with AmeriCorps would receive compensation that can be applied to their loan amount.
Students who are involved in the Peace Corps can be granted a deferment for their loans that have been consolidated, Federal Stafford Student Loans, or are through Perkins Loan. Students who have a Perkins Loan can also be granted a 70% discount upon their student loan. Students associated with Vista can also receive compensation for their loans when they have volunteered a total of 1700 hours. College students in the military can get around $10,000 towards their student loans.
Teachers and Health Professionals have ways of saving on their student loans as well. A teacher that works in an elementary school full time within a lower income area can receive around 15% student loan forgiveness on Perkins Loans during the first 2 years of teaching. During the next 2 years, they will receive a 20% student loan forgiveness, and a 30% student loan forgiveness for the fifth year of teaching. Similar programs are available for those within the healthcare profession. Those who work in this field within areas of lower income or short on medical care professionals will offer these programs for sure.
Of course, others can benefit from a student loan forgiveness as well. Options can be found through your college as well as the possibility of options through your local law enforcement department. Students located within a certain area can find options available to them as well. The United States Government also offers some great options to students.
The main two are:
If you are considering becoming a teacher, you may wish to consider teaching children with low income families or children with disabilities. You will get a bigger break on your student loans as well as a general feeling of well being from doing something profound with your life.