What are the 5 Student Loan Forgiveness Programs?
Student loans from the federal government needs to be paid back. If you are no longer attending college or you just graduated from college, you have to repay what you owe on your student loans. Each loans have different payment options which includes extended payment if you are unemployed or underemployed. Few other options are given to the borrower whether to forgive all of his loan or part of it depending on the circumstances of the student loan.
Federal government gives options to the borrower whether to volunteer under 3 different organization for total or partial loan forgiveness. Working as a volunteer in Americorps for a year and you will receive $4725.00 for repayment of loan.
Peace corp volunteer differs in loan repayment depending on how long have you been in service. With the 70 percent maximum amount to be forgiven and the minimum is 15 percent, each year under volunteer status.
VISTA on the other hand offers the borrower to volunteer receiving partial student loan forgiveness. You will be working with them for 1700 hours through VISTA and receives $4725.00 for student loan repayment.
You can also choose to volunteer with the Army National Guard and receive up to $10,000 depending on your length of service as a repayment for your educational loan.
If you have the calling to become a teacher, then you can become a teacher, teaching in a certain population with low income students. 15 percent forgiveness in your first 2 years of teaching, within 3-4 year it increases to 20 percent while on your 5th year it will be 30 percent of your student loan.
Mississippi teachers who are employed with teacher shortage are qualified to apply for a teacher loan repayment program.
Working in a non profit or public interest position, with law school loan to pay, you might be qualified to apply for a student loan forgiveness.
Doctors and nurses who are practicing their field of study in areas that do not have access to medical care should contact American Association of Medical Colleges and ask for the list of all medical loan forgiveness options.
In Alaska, educational loan repayment are given to those who are granted a Michael Murphy Loan. You are eligible for a loan forgiveness if you specialize in probation, penology, law or parole or other related study and become an Alaskan State Trooper with a 20 percent rate of loan for forgiveness every year.
These are excellent ways on paying off you student loans while serving your country or state. Interested working in a public sector? Then take advantage of these great opportunity.
Source: http://www.theiemommy.com/2016/03/16/great-advice-sending-kid-college/