0
Are you wondering if there's any way to get out of paying your hefty student loan? Believe it or not, the government will actually waive a portion of your loan under some circumstances. This program is called student loan forgiveness and it may be worth looking into.
RequirementsIn order to have your entire student loan, or at least a portion of it, waived so that you don't have to repay it, certain guidelines must be met. If you've performed volunteer work or been a part of the military service, you may qualify for student loan forgiveness. Depending on your community, you may also be able to receive student loan forgiveness if you either teach or practice medicine. Since every forgiveness program is different, you'll have to meet the criteria laid out by the specific program.
Volunteer WorkThe main volunteer programs that offer student loan forgiveness are AmeriCorps, the Peace Corps and Volunteers in Service to America, or VISTA. You'll have to serve one year in AmeriCorps in order to qualify. If you're a member of VISTA, you'll need to have completed 1,700 service hours. The PeaceCorps offers both loan deferment and partial forgiveness.
Military ServiceCollege students who are also part of the Army National Guard are often eligible for the Student Loan Repayment Program. Students can receive as much as $10,000 in loan forgiveness.
National Defense Education ActThe National Defense Education Act will pay a portion of the Perkins Loan for students who become full-time teachers. The teacher must be employed in either an elementary school or secondary school that serves kids from low income families. The longer the teacher is employed by the school, the higher a percentage of the loan will be paid.
Medical and Legal StudiesPhysicians and nurses who agree to practice for a predetermined number of years in particular areas of medicine can receive loan forgiveness. The U.S. Department of Health and Human Services offers this program through the Nursing Education Loan Repayment Program and the National Health Service Corps. Many law schools will also repay student loans as long as the student works in either a public interest position or for a non-profit company.
What else can I help you with?
Is Student Loan Forgiveness real?
There are many programs which offer student loan forgiveness. These often involve working in government positions in underserved communities.
How can engineers qualify for student loan forgiveness programs?
Engineers can qualify for student loan forgiveness programs by working in eligible public service jobs, such as government agencies or non-profit organizations, for a certain period of time. They can also explore specific loan forgiveness programs for engineers offered by some employers or professional organizations.
Which loans are eligible for student loan forgiveness?
Federal student loans are typically eligible for student loan forgiveness programs, such as Public Service Loan Forgiveness and Teacher Loan Forgiveness. Private student loans are generally not eligible for these forgiveness programs.
Where can I find online information about student loan forgiveness act?
Well, I would recommend finding information about the student loan forgiveness act at FinAid because they offer a variety of services. They also offer their services for a fee of no charge.
What are some common questions about student loan forgiveness?
Common questions about student loan forgiveness include: "How do I qualify for loan forgiveness?", "What types of loans are eligible for forgiveness?", "What are the requirements for Public Service Loan Forgiveness?", and "How do I apply for loan forgiveness?"
What is student loan forgiveness?
Student Loan Forgiveness is when a student can't pay a loan that he owes and so the government has money to pay for that loan if he/she is unable to make the payments on it.
Who should I contact for student loan forgiveness?
You should contact your loan servicer or the Department of Education for information on student loan forgiveness programs.
How can I check on student loan forgiveness?
You can check on student loan forgiveness by contacting your loan servicer or the Department of Education to see if you qualify for any forgiveness programs based on your specific circumstances.
How can I apply for student loan forgiveness with Sallie Mae?
To apply for student loan forgiveness with Sallie Mae, you need to contact them directly and inquire about their forgiveness programs. They may have specific requirements and processes for loan forgiveness that you will need to follow.
Where can I find more information on student loan forgiveness?
Looking though the internet I found that the student loan forgiveness is supported by President Obama there are no programs that forgives the complete loan. If you are a teacher and need the student loan forgiveness you can access to the U.S.Department of Education and there will be more information.
How do you know if you are approved for student loan forgiveness?
You will know if you are approved for student loan forgiveness by receiving a notification from your loan servicer or the forgiveness program. This notification will confirm that your application has been accepted and your loans will be forgiven.
Which websites offer information on student loan forgiveness?
IBRinfo and finaid dot com are some of the places to start looking information on student loan forgiveness. According to law, people can benefit from certain rules like removal of student loan debt if one serves for more than 10 years in public service.
