Student Loan Forgiveness - Do You Qualify?
Did you know that there are numerous programs available that will actually pay off all or part of your college loans? Student loan forgiveness isn't a myth. Many of these programs aren't widely advertised and most people who are eligible don't even realize that they qualify to have thousands of dollars wiped off the balance of their educational loans.
Student Loan Forgiveness for Teachers
The Teacher Loan Forgiveness Program will repay up to $17,500 toward college loans for qualified teachers. Full time teachers with an outstanding FFEL or Direct loan balance on or after October 1998 qualify for $5,000 worth of college loan repayment after 5 consecutive years of service.
Student loan forgiveness at the increased amount of $17,500 is available to qualified borrowers who teach full time in the field of mathematics or science at an eligible secondary school or who provide special education to students with disabilities.
Student Loan Forgiveness for Non-Profit Child or Family Services Agency Employees
In an effort to attract and retain more highly trained early childcare professionals, the federal government has developed programs to forgive up to 100% of the college loan balance for individuals at eligible centers.
To qualify for this student loan forgiveness program, borrowers must hold a degree in early childhood education and work full-time for 2 years at a qualified facility where at least 70% of the children receiving care come from families that earn less than 85% of the state median household income.
To learn more, call the Child Care Provider Loan Forgiveness support desk at 1-888-562-7002.
Student Loan Forgiveness for Law Enforcement Officials
Protect and serve the community and the government will do the same for your budget by repaying your college loans for you. Full time law enforcement or correction officers are eligible to have their loans paid off by the government at a rate of 15%per year for the first 2 years of service, 20% for the 3rd and 4th year, and 30% for their fifth year.
Student Loan Forgiveness for Nurses and Medical Technicians
Several generous student loan forgiveness programs are available for physicians and RN's who practice in areas that lack adequate medical care.
The National Heath Services Corps will repay up to $35,000 per year of service for qualified individuals.
The Nursing Education Loan Repayment Program (NELRP) repays up to 60% of your college loan balance for those who serve at least 2 years in critical shortage facilities.
Student Loan Forgiveness for Armed Forces
The government shows their appreciation of those who serve and protect with a variety of student loan forgiveness programs for the military. The Armed Forces Forgiveness Program pays off up to $2,500 in college loan debt to borrowers who served between September 11th 2001 and June 30, 2006.
The National Guard offers its own student loan forgiveness program, paying off up to $10,000 worth of college loan debt for each qualified person. For more information call 1-800-GO-GUARD.
Student Loan Forgiveness for Volunteer Work
Serving in the Peace Corps, Americorps, or Volunteers in Service to America (VISTA) all qualify you for college loan forgiveness programs in various amounts.
Peace Corps: Time spent volunteering for the Peace Corps pays in more ways than good feelings. Volunteers receive 15% of their Stafford, Perkins, and Consolidation loans paid for each year of service up to 70% of the college loan amount. To learn more about this student loan forgiveness opportunity call 1-800-424-8580.
Americorps, the domestic arm of the Peace Corps, awards volunteers $4,725 to apply toward their outstanding college loans after one year of service. To learn more call 1-800-942-2677.
VISTA (Volunteers in Service to America): Volunteer 1700 hours for one of the many organizations across the country focused on eradicating hunger, homelessness, poverty, and illiteracy and have up to $4725 wiped off your college balance. To learn more call 1-800-942-2677.
Student Loan Forgiveness for Head Start Staff
Those who volunteer for their state's Head Start program not only help children from low income families prepare for kindergarten, they are also granted full or partial college loan forgiveness.
The state rewards its Head Start teachers and administrators by canceling 15% of their college loan balance for each year of service up to 100% of the balance.
Student Loan Forgiveness for Providers of Intervention Services for the Disabled
The government will pay your Perkins loan in full if you provide full time services designed to aid disabled infants or toddlers who have physical, cognitive, communicative, social, emotional, or adaptive needs. Qualified programs can operate from an in-home setting or outside facility providing the program conforms to the requirements of the Individuals with Disabilities Education Act. To learn more about his student loan forgiveness program, contact your loan provider.
Find More Resources that Offer Student Loan Forgiveness Programs
Even more programs exist at the state or county government level or through industry-specific organizations. Inquire with the human resources department of your employer or groups that you volunteer for or are considering joining. Be sure to bookmark this page of resources or pass it along to a friend or colleague. You may just find a way to save yourself or someone you know a few thousand dollars!
Federal Student Loan Forgiveness
Performance is ultimately what really matters. Federal Student Loan forgiveness is an exceptional concept applicable to students only under certain circumstances. It means the loan amount received by students might be cancelled in half or in full amount by Federal Government. It is not impossible and depends completely on your work performance. If you want to be one of those special students who want to be a recipient of Federal Student Loan forgiveness, then act to your best.
You just need to show your excellent performance in the following ways:
In case of volunteer work, loan forgiveness is conducted by Ameri Corps, where the student needs to serve for one full year, get stipends and extra amounts that can be used towards loans. In another organization, Peace Corps, volunteers can specially apply for deferment of variety of loans like Stafford, Consolidation loans and Perkins loans with partial cancellation of Perkins Loans. This dream can come true in the lives of students only if they can serve with a difference and truly devote their time in work.
Students who are in military field can also make a mark in the lives of others and at same time contribute to Federal Student Loan forgiveness scheme. Students who are in Army front are therefore highly eligible for Student Loan Repayment program. In case of teaching, Federal Student Loan forgiveness program can be conducted only if the students can become full-time teachers in elementary or secondary schools, mainly teaching students who span the low-income family groups. Under this teaching plan scheme, the students are allowed to be forgiven of Perkins Loan under The National Defense Education Act. In legal field, many law schools forgive the loans of students who dedicatedly serve in public interest or non-profitable organizations. Federal student loan forgiveness programs for medical students include several plans like NIH AIDS Research Loan Repayment Programs, NIH General Research Loan Repayment Program, Indian Health Service [HIS] Loan Repayment Program and US Force, Army and Navy Financial Assistance Program. Under each of these plans, the student should work faithfully, if they want their loan to be forgiven.
Apart from these fields, there are other ways where Federal Student loan forgiveness program becomes successful. These fields include Bachelor’s Degree in Colleges of Arts and Sciences, where student will perform the job required in institutions. Students who receive the Michael Murphy Loan specially for studying Law enforcement, probation and parole, law and penology or other significant fields related to these studies, can work off one-fifth per year to get enrolled under Federal student loan forgiveness scheme.
Therefore, Federal Student Loan Forgiveness program is applicable when the student can perform the following activities:
How To Get Federal and Private Student Loan Forgiveness
I am sure that many of you face student debt out there still after years of trying to pay it off or maybe you are just starting to pay off those loans out of college. Whatever the case is, many of you would like to take care of that student loan debt as soon as possible. One option that the government provides is through student loan forgiveness. These are great ways for you to give to Uncle Sam or some public service that is needed and in return for your time and skilled service they are kind enough to take care of some or all of your student loans.
These options should be decided carefully and please don't do them for the sole purpose of getting some student loan help because you are bound to hate yourself after a while. You need to find something you are passionate about and at the same time will allow for you to take care of some necessary debt for your future.
Many of you face law school debt and that is practically a mortgage with the amount you have to shell out for a few years of reading books and losing sleep. Some of you might think that you are going to get hired by some great law firm and everything will be taken care of and that might happen, but for many of you that will not be an option. Another thing to look at is working for a non-profit or public interest organization. This can help you take care of some much needed debt and give yourself a serviceable name in your industry. It might not be glamorous, but it is a good way to take care of all of the debt that will eat at your bank account for years. Physical or Occupational Therapy
This is a great example of high in demand and low in supply when it comes to therapists. There are plenty of positions out there that hospitals, the government, and private facilities need to fill and people will always get sick and need medical help. This is a good way to take care of some medical bills that have pilled up just like the law student that we talked about. Military Service
Well this one I would not put as number one for me personally because of the potential health risks, but I am sure you would learn some pretty impressive skills that you can bring back to the "real world" and apply. This is also not exotic, but it will pay the student loan bills and if you are willing to get into hostile territory you can get paid a lot. Peace Corp This is also an international option like the military, but without all of the weaponry. This could create up to 70% debt reduction and help you see the world through a different set of eyes. Many of these traveling experiences will allow you to view struggles of simple people fighting for necessities that we take for granted. Social Services
There are countless honorable professions such as law enforcement, helping people find housing and occupations, assisting with disabled and elderly, along with other correctional officer positions that can impact your bank account and other lives. These services are some of the best because they will allow for potentially your whole student loan to be taken care of.
Keine Kommentare:
Kommentar veröffentlichen