Student loan forgiveness is a program through which a student would be able to eliminate the need of having to pay back the student loans that he/she had borrowed. However, the requirements to be eligible for this program are quite stringent and the qualifications needed are quite specific and specialized.
What is this Program About?
Student loan forgiveness is a program where a student would be able to eliminate the borrowed student loan if he/she performs specified volunteer work. A student that would serve for a year in AmeriCorps would be able to receive money that can be used for loan payments. The Peace Corps members can receive deferments for their Consolidated loans, Stafford loans and Perkins Loans and can also receive 70% relief for their Perkins Loans. The Vista Members can receive money that they can use towards repayment of the loans when they volunteer for 1700 hours. The students that serve in the military can receive around $10,000 for their loans.
Loan Forgiveness for Teachers and Health Professionals
Student loan forgiveness is also available to teachers. Teachers that teach in secondary or elementary schools full time in low income areas or at schools with a majority of families with low incomes can quality to get 15% forgiveness for Perkins Loans for the first two teaching years. For the next 2 years, 20% forgiveness can be enjoyed while 30% forgiveness would be given for the 5th year. There are also several programs available to nurses and doctors. This program is available to nurses and doctors working in rural areas for a predetermined time frame. Areas that are economically depressed or do not have enough medical care are generally qualified regions. There are also options available for those into medical research, for physical and occupational therapists.
Other Methods to Receive Loan Forgiveness
There are also several other methods through which one can enjoy student loan forgiveness. There are many colleges that offer these options. A few states also offer eligibility for forgiveness to those in law enforcement. People in specific fields can also qualify. Federal government in the US offers a good variety of programs and options. These options are normally for Stafford Loans and for Perkins Loans. A good amount of the borrowed loan can be forgiven for teachers dealing with children from low income families or teaching children that are considered to be high risk or with disabilities.
Several students often face difficulties paying back the borrowed loan amount after graduation. These forgiveness programs can be potentially helpful to such students. The idea for these programs is to provide benefit to those who offer services to others who are less fortunate. Since they donate their care, time, expertise and energy to an area where not many people would be willing to work, they are rewarded and are relieved from a considerable amount of their financial obligation and debt. Since there are quite a lot of different programs available it would be necessary for you to fully research before you apply for one. There are several different resources available online today through which you would be able to find all the necessary information about these programs along with their eligibility criteria.