How to get Student Loan Forgiveness
After 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.
Student 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 are serving.
Student Loan Forgiveness through Serving in the Military:
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 commitment.
Student Loan Forgiveness through Teaching in low-income areas:
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.
Student loan 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.
Avoiding Defaulted Student Loans
Consolidating Student Loans could save you Money
How to get Student Loan Forgiveness
To receive no-obligation information about consolidating your student loans click below
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