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