| Normally once a student has graduated college, they | | | | teaching in certain subject areas such as special |
| have about six months before they need to begin | | | | education, mathematics, science, foreign languages |
| paying back their student loans. However, it is | | | | and bilingual education. The chief administrator of the |
| possible to have some or all of your student loans | | | | qualified school at which you taught will have to |
| forgiven. It will usually involve trading your time in a | | | | verify your participation and completion. Depending on |
| variety of different ways. | | | | your qualifications, you could earn forgiveness of |
| To qualify, you must be involved in volunteer work, | | | | from $5,000 to as much as $17,500 in loans. |
| serve in the military, teach in a designated secondary | | | | Certain health care professionals can also have their |
| or elementary school for low-income or special | | | | payments deferred or totally forgiven with |
| education students or other "teacher shortage | | | | participation in the Nursing Education Loan Repayment |
| areas", and meet other various requirements. | | | | Program. The NELRP will repay 60 percent of the |
| Peace Corps volunteers may be able to defer | | | | qualifying loan balance of registered nurses who are |
| payment on their Stafford, Perkins, direct and | | | | selected for funding in exchange for 2 years of |
| consolidation loans. Also, they can receive forgiveness | | | | service at a critical shortage facility. Those selected |
| for their Perkins Loans. For each of the first two | | | | may be allowed to work a third year and receive |
| years of service, 15% can be canceled. Then, for the | | | | repayment for an additional 25 percent of their |
| next two years, 20% can be canceled for each year | | | | qualifying loan balance. Only about 15% of the total |
| for a total of 70% for a four year commitment. | | | | number of applicants were selected to participate in |
| Partial student loan forgiveness through volunteer | | | | the program for the last two years. |
| work can also be achieved through VISTA | | | | The National Health Service Corps Loan Repayment |
| (Volunteers in Service to America), a private non | | | | Program provides for up to $50,000 in forgiveness |
| profit group dedicated to the eradication of poverty | | | | for qualifying educational loans in exchange for two |
| in the United States. A one year commitment to | | | | years service in a underserved communities. Areas of |
| VISTA will allow you a $4,725 education award. Your | | | | need currently are primary care professionals, |
| student loans may be placed in deferment or | | | | including dental and mental and behavioral health |
| forbearance while you are serving. | | | | clinicians. |
| The Army National Guard has a program called | | | | There are other, less common ways to become |
| Student Loan Repayment Program (SLRP)which will | | | | eligible for partial or total student loan discharge. For |
| provide for forgiveness of up to $20,000 in student | | | | example, if the school happened to close within 90 |
| loans. It's available to those who have existing | | | | days of your enrollment and you were unable to |
| student loans when enlisting or those who get the | | | | finish your course(s), you may be eligible for a partial |
| loans after joining. This program is in addition to the | | | | discharge of your loan, dependent on the amount of |
| Montgomery G.I. Bill benefits and tuition assistance | | | | your expenses. If you did not receive an expected |
| program. The downside to this is there is a six year | | | | refund, you may be eligible for forgiveness of the |
| commitment. | | | | amount of that refund. If your signature was forged |
| If the military isn't for you, and you don't really want | | | | on your loan agreements, your loan can be forgiven. |
| to be a volunteer for years just to get rid of your | | | | If you die or find yourself temporarily or permanently |
| loans, there are a few other options available. | | | | disabled, you may receive student loan cancellation. |
| Student loan forgiveness for either Perkins Loans or | | | | If you are thinking about a student consolidation loan, |
| Stafford Loans can be achieved through full-time | | | | check first because by consolidating, you may lose |
| teaching positions at a low-income school as | | | | the opportunity to have certain loans forgiven. |
| designated by the U.S. Department of Education or | | | | |