| Normally once a student has graduated college, they | | | | teaching in certain subject areas such as special |
| have about six months before they need to begin | | | | education, mathematics, science, foreign languages and |
| paying back their student loans. However, it is possible | | | | bilingual education. The chief administrator of the |
| to have some or all of your student loans forgiven. It | | | | qualified school at which you taught will have to verify |
| will usually involve trading your time in a variety of | | | | your participation and completion. Depending on your |
| different ways. | | | | qualifications, you could earn forgiveness of from |
| To qualify, you must be involved in volunteer work, | | | | $5,000 to as much as $17,500 in loans. |
| serve in the military, teach in a designated secondary | | | | Certain health care professionals can also have their |
| or elementary school for low-income or special | | | | payments deferred or totally forgiven with participation |
| education students or other "teacher shortage areas", | | | | in the Nursing Education Loan Repayment Program. |
| and meet other various requirements. | | | | The NELRP will repay 60 percent of the qualifying loan |
| Peace Corps volunteers may be able to defer | | | | balance of registered nurses who are selected for |
| payment on their Stafford, Perkins, direct and | | | | funding in exchange for 2 years of service at a critical |
| consolidation loans. Also, they can receive forgiveness | | | | shortage facility. Those selected may be allowed to |
| for their Perkins Loans. For each of the first two years | | | | work a third year and receive repayment for an |
| of service, 15% can be canceled. Then, for the next | | | | additional 25 percent of their qualifying loan balance. |
| two years, 20% can be canceled for each year for a | | | | Only about 15% of the total number of applicants were |
| total of 70% for a four year commitment. | | | | selected to participate in the program for the last two |
| Partial student loan forgiveness through volunteer work | | | | years. |
| can also be achieved through VISTA (Volunteers in | | | | The National Health Service Corps Loan Repayment |
| Service to America), a private non profit group | | | | Program provides for up to $50,000 in forgiveness for |
| dedicated to the eradication of poverty in the United | | | | qualifying educational loans in exchange for two years |
| States. A one year commitment to VISTA will allow | | | | service in a underserved communities. Areas of need |
| you a $4,725 education award. Your student loans | | | | currently are primary care professionals, including |
| may be placed in deferment or forbearance while you | | | | dental and mental and behavioral health clinicians. |
| are serving. | | | | There are other, less common ways to become |
| The Army National Guard has a program called | | | | eligible for partial or total student loan discharge. For |
| Student Loan Repayment Program (SLRP)which will | | | | example, if the school happened to close within 90 |
| provide for forgiveness of up to $20,000 in student | | | | days of your enrollment and you were unable to finish |
| loans. It's available to those who have existing student | | | | your course(s), you may be eligible for a partial |
| loans when enlisting or those who get the loans after | | | | discharge of your loan, dependent on the amount of |
| joining. This program is in addition to the Montgomery | | | | your expenses. If you did not receive an expected |
| G.I. Bill benefits and tuition assistance program. The | | | | refund, you may be eligible for forgiveness of the |
| downside to this is there is a six year commitment. | | | | amount of that refund. If your signature was forged on |
| If the military isn't for you, and you don't really want to | | | | your loan agreements, your loan can be forgiven. If |
| be a volunteer for years just to get rid of your loans, | | | | you die or find yourself temporarily or permanently |
| there are a few other options available. | | | | disabled, you may receive student loan cancellation. |
| Student loan forgiveness for either Perkins Loans or | | | | If you are thinking about a student consolidation loan, |
| Stafford Loans can be achieved through full-time | | | | check first because by consolidating, you may lose the |
| teaching positions at a low-income school as | | | | opportunity to have certain loans forgiven. |
| designated by the U.S. Department of Education or | | | | |