How to Qualify for Student Loan Forgiveness
Qualifying for student loan forgiveness programs is easy. The programs can provide you with financial assistance. With student loan forgiveness programs, you can get your loans forgiven and are not required to pay them back. In order to qualify for a student loan forgiveness program, you need to be part of a qualified group according to the Federal government. You can join one of these groups, meet the requirements, and you should be able to qualify for student loan forgiveness. Here are a few of the groups and what it takes to qualify.
One of the best ways to qualify for student loan forgiveness is to volunteer your time for a worthy cause. When you join the AmeriCorps, Peace Corps, or VISTA as a volunteer, you could be able to qualify for a student loan forgiveness. If you put in a year of volunteer work with Americorps, you can receive up to $4725 towards the repayment of your loan.
If you join the Peace Corps, you can a 15% cancellation of Perkins loans up to 70% of what you owe. The other loans that you have can also qualify for deferment while you are in the Peace Corps.
VISTA volunteers can receive up to $4725 towards their loans if they put in 1700 volunteer hours.
Another way to get your student loans forgiven is if you are in the military. As a qualified member of the military, you can receive as much as $10,000 to repay your student loans. Through other military programs you can
also receive much more than that if you meet certain requirements. The military has a few different programs that can help you get through school if you are willing to enlist.
Another group of people that can take advantage of student loan forgiveness programs are teachers. Teachers can eventually earn up to a 30% forgiveness of their student loans. In order to qualify for this program, you have to become a full-time teacher for five consecutive years. You also have to work in a district that services low-income families. You also have to have acquired the student loans after October 1, 1998 to qualify for forgiveness. This program was put together to try and increase the number of people that get into teaching and it provides a very valuable incentive for them to do so.
Legal and Medical
Those that are involved in the legal and medical field also can have access to student loan forgiveness, under the right circumstances. For example, if you are a law student and you serve a role in a public or non-profit organization, you could receive forgiveness of your loans.
In the medical field, the National Health Service Corps has a great program for student loan forgiveness. If you are getting into the medical field and you agree to practice medicine in certain areas for so many years, you can have your loans forgiven. For example, if you agree to go to an economically depressed region and practice medicine for a certain number of years, they will forgive your loans.Source: m.finweb.com