HOW TO GET STUDENT LOAN FORGIVENESS
you graduate from college, you have approximately six months before
you are required to begin paying back your student loan. However,
there are ways that you can have your student loans “forgiven”, and
it involves donating your time in a variety of ways.
Loan Forgiveness through Volunteer Work:
1. Peace Corps
Volunteers may be able to defer payment on their Stafford, Perkins,
direct and consolidation loans and also receive forgiveness for
their Perkins Loans. For each of the first two years of service, 15%
may be canceled. Then, for the next two years, 20% may be canceled
for each year for a total of 70% for a four year commitment.
2. VISTA (Volunteers in Service to America)
A one year commitment
to VISTA (private non-profit organization that is focused on
eradicating poverty) will allow you a $4,725 education award. Your
student loans may be placed in deferment or forbearance while you
Student Loan Forgiveness through Serving in the
1. The Army National Guard
The Student Loan
Repayment Program (SLRP) provides forgiveness of up to $20,000 in
student loans. It's available to those who have existing student
loans when enlisting or those who get the loans after joining. This
program is in addition to the Montgomery G.I. Bill benefits and
tuition assistance program. The program requires a six year
Student Loan Forgiveness through Teaching in
You can reduce your Perkins or Stafford Loans
by teaching at a low-income school designated by the U.S. Department
of Education or teaching in certain subject areas such as special
education, math, science, foreign languages and bilingual education.
Depending on your qualifications, you could earn forgiveness of from
$5,000 to as much as $17,500 in loans.
forgiveness can benefit you by decreasing the overall amount of your
loan to the federal government. While you do have to donate your
time, it might be worth it- as you gain valuable experience as well
as decrease the amount of money that you owe.