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How to forgive student loans

how to forgive student loans

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Volunteer for AmeriCorps. As an AmeriCorps member who completes a full term of service and who is enrolled in the National Service Trust, you are eligible to receive a Segal AmeriCorps Education Award, which can pay up to $5,500 for a full year of service for terms supported with 2011 funds. You have the option of making partial or full payments, and the award remains valid for up to seven years after your term of service.

Join the Peace Corps. During service as a Peace Corps volunteer, you have options for deferring several types of student loans, including Stafford, Perkins, direct and consolidation loans, and some commercial loans. Volunteers with Perkins student loans are eligible for a partial cancellation benefit of 15 percent upon completion of each of the first and second year of service,

and 20 percent upon completion of each of the third and fourth years.

Enlist in the army. For soldiers with existing student loans and a six- or eight-year enlistment, the Student Loan Repayment Program (SLRP) can pay up $50,000 for certain jobs. Applicants entering Officer Candidate School who have at least 90 college credit hours and agree to an eight-year commitment are also eligible for this incentive.

Work as a teacher or in the field of medical studies. The American Federation of Teachers offers a variety of loan forgiveness programs, such as the Stafford Loan Forgiveness Program, which allows eligible borrowers to receive up to $17,500. The US Department of Health and Human Services also offers a variety of programs, such as The Nursing Student Loan Program, The Health Professions Student Loan Program, and The Health Education Assistance Loan Program.

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