How to Get Student Loan Forgiveness
Unless armed with a degree from a reputed college, you career options are highly restricted. Unfortunately, studying in college and get qualified with a degree is mighty expensive, often beyond the means of many families. As a result prospective students are required to take loans and keep struggling for long to payback the borrowed money. Many students are not aware that they can ask for forgiveness under many circumstances. Here, you’ll know the ways of reducing your loan and even getting it eliminated, taking advantage of different government programs.
1. Find out if you can be exempted from paying back your loan on grounds of disability. In case you get 100% disabled after having attended college, the government can waive off that loan. You have to be diagnosed with 100 % disability and get a certificate from a doctor that you are not at all likely to pull through your disability get a gainful employment again.
2. You other option to get loan forgiveness is to join AmeriCorps as a volunteer. Here, graduates are required to work as a volunteer for one year with AmeriCorps to qualify for forgiveness. For one year’s service, graduates get a nominal stipend for living and over $5,000 towards loan forgiveness or educational expenses on completing their service. The stated amount is for the year 2011.
3. Volunteers in Service to America, VISTA, also offer education service, hunger relief and general assistance to deprived Americans. VISTA, managed by AmeriCorps, also provides comparable benefits.
4. Volunteering for the Peace Corps also provides benefits. This organization of US volunteers works in underdeveloped countries. Volunteers having Perkins loans are able to get forgiveness of 15% of student loans after having worked for two consecutive years. The amount of forgiveness goes to 20% during the third and fourth year of working. Moreover, returned volunteers are eligible to apply for a Coverdell Fellows Program for graduate school study. This program offers many benefits.
5. Another way telling how to get student loan forgiveness is to join any branch of US military as a volunteer, and that includes the Army National Guard, you become eligible to apply for one of the many programs that military offers for getting your loan waived off. The benefits that you get entitled to vary with branch of service you may join, length of your service, and whether you take a full time or part time job plus many other factors.
6. Medical and legal graduates are entitled for major student loan forgiveness on offering their certified services voluntarily. Graduates can check with their college of study to know what kind of student loan they could be eligible for. Colleges do tell them how to get student loan forgiveness.
7. Teachers can avail up to eighty percent of their loan forgiveness on working as a paid teacher, teaching in underprivileged areas. The Stafford Loan Forgiveness Program for Teachers offers enhanced student loan forgiveness with each year of service.
8. Students can also approach their state student financial aid agency talk about the options they may have on being cheated by the school they joined. In case the school they attended didn’t provide ample instructions by qualified lecturers or didn’t honor its commitments by way of loan counseling or job placement facilities, the student could be qualified for 100% student loan forgiveness.