Student Loans Forgiveness Programs: What are These?
Any student loans especially the federal student loans should be paid back. It requires repayment after 6 month that you no longer attend college or after graduation. If you are unemployed or underemployed payment options for your student loans also vary. Under certain circumstances, student loan forgiveness offers few option either part or all of your loans be forgiven.
The borrower have the option to volunteer allowed by the federal government under 3 different organizations; partial or total loan forgiveness. Working as a volunteer in Americorps for a year and you will receive $4725.00 for repayment of loan.
When you choose to be part of the peace corp, you will be granted a loan repayment depending on the length of service. 15% of the total loan will be forgiven each year under volunteer status with a 70% maximum amount.
A partial student loan forgiveness are given to the borrower if become a volunteer for VISTA You will be working with them for 1700 hours through VISTA and receives $4725.00 for student loan repayment.
You can also choose to volunteer with the Army National Guard and receive up to $10,000 depending on your length of service as a repayment for your educational loan.
There are schools for the low income students that needs teachers, you can work as a teacher for these students while paying for your student loans. Teachers are forgiven with their student loans at a 15 percent rate for the first 2 years of teaching, 3-4 years you will be given 20 percent and on the 5th year, you will be forgiven at 30 percent.
Mississippi teachers who are employed with teacher shortage are qualified to apply for a teacher loan repayment program.
Working in a non profit or public interest position, with law school loan to pay, you might be qualified to apply for a student loan forgiveness.
Doctors and nurses who are practicing their field of study in areas that do not have access to medical care should contact American Association of Medical Colleges and ask for the list of all medical loan forgiveness options.
Educational loan repayment in Alaska are granted if you are a recipient of Michael Murphy Loan. A 20 percent rate every year on your loan forgiveness if your field of study is Law, Penology, Parole and Probation and become a Alaskan State Trooper.
This are better ways on serving you state or country while paying for your student loans. Working in a public sector can open more opportunities while paying of your student loans.