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Student Loan Forgiveness

You may have heard the term “student loan forgiveness” before. However, most people simply assume that they will not be able to take advantage of these types of programs because they seem too good to be true. Student loan forgiveness programs literally forgive your debt. You do not have to pay it back. The end result is that you have basically had a “scholarship” for part or all of your college tuition and educational training.

Loan Forgiveness vs. Loan Repayment

Student loan forgiveness programs are those backed by the Federal government and cover loans issued through Federal programs such as Stafford and Perkins Loans. When you participate in one of these programs, portions of your debt are literally “erased” from your lender’s books.

Student loan repayment programs, which are more widespread than forgiveness programs, may be used to eliminate any type of loan including private loans. Under these programs, you either receive additional funds that you can use to pay down your loan, or a payment is made directly to your lender by your employer.

How loan forgiveness for professionals works:

Loan forgiveness programs for teachers, nurses and lawyers typically feature full or partial loan repayment or forgiveness of federal student loans in exchange for a certain number of years service in a facility or professional capacity.

Loan Forgiveness Through Volunteerism

There are many different ways in which you can volunteer and have your loans forgiven at the same time. These volunteer opportunities are usually community service based wherein you will be serving the greater good of the surrounding community with your time and efforts. Examples of some volunteer groups that participate in loan forgiveness programs include the Americorps, the Peace Corps and VISTA.

Loan Forgiveness Through Military Service

Another way in which you can have your student loans forgiven is to join the military. In fact, the Army National Guard has a Student Loan Repayment Program, which helps eligible candidates repay their loans without hassle. Other factions of the military also offer loan forgiveness programs, so be sure to do your research on finding the appropriate program for you or to see if you even qualify.

When it comes to student loan forgiveness, dedication and attention to detail is the key to your success. Make sure that you have thorough documentation of all your qualifying work. Be persistent but always polite to lender representatives and program aides. You will find that they are as eager as you are to find a way to help you get loan forgiveness if you qualify.