How Does Student Loan Forgiveness Work

August 14, 2020 Off By admin

Did you know it’s possible to have your student loan debt completely erased? It isn’t easy and not everyone can make it happen but it’s worth looking into. You might already qualify for one of these programs!

Military Service
Branches of the military offer a college loan repayment program. The college loan repayment program is for non-officers and assists each military branch with recruitment efforts. This is an attractive benefit of joining the military. Each branch of the military has their own eligibility requirements and maximum repayment amounts. If you are already thinking of enlisting in the military be sure to ask about the college loan repayment program. Some branches’ programs are more generous than others.

Serve in qualifying communities
You may already be qualified for student loan forgiveness if you teach or practice medicine in certain communities. Practicing medicine (including physical therapy) in rural or at risk communities who have a great need for healthcare services could earn you student loan forgiveness. Teaching in low income school districts may also qualify you for student loan forgiveness. Check with your school or school district administration.

Everyone knows that volunteering is a worthwhile way to spend your time but not everyone knows that volunteer work can help you pay down or pay off your student loans. In exchange for your time and talents there are three volunteer organizations who will offer you student loan forgiveness. All of these programs are huge commitments and may require a life change. The Peace Corps requires a 27 month commitment working in a country overseas. After serving Americorps full time (remember, you earn no paycheck) you would receive a $4,700 education award which can be used to pay down a student loan. Volunteers in Service to America (VISTA) is an anti-poverty program under Americorps. One year of full time service earns the $4,700 education award.

Since not everyone can uproot their lives and join the military or the Peace Corps, you probably won’t be getting your student loan balance paid for. If you’re concerned about your student loan and you don’t qualify for any of the student loan forgiveness programs listed above you should contact a credit repair service. There are many ways to deal with student loans. – From consolidation loans to loan rehabilitation programs. It’s definitely going to be advantageous to look into.