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Student Loan Forgiveness Program
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Student loan forgiveness: are you eligible: When we say student loan forgiveness, it is not some kind of wishful thinking and there are real programs that can eliminate either a part of or the total student loan. Unfortunately, most of these programs are not advertised and so most of the students remain ignorant of the fact that they can qualify for student loan forgiveness. Here is a list of the different student loan forgiveness programs, which you can study to see if you are eligible for one.
1. Teachers student loan forgiveness: This program is targeted towards teachers who have been in service for more than five consecutive years. Under this program, the teachers can qualify for repayment of their student loans in the range of $5,000.00 to $17,500.00. Teachers, who have an outstanding balance of their direct loan or FFEL, are eligible for a dollar 5,000 repayment of their student loans. The forgiveness program gets even more interesting for teachers who are in the field of mathematics and science and are teaching in eligible secondary schools, as theyre entitled to complete $17,500.00 forgiveness. This program is targeted towards encouraging teachers to take up such roles, because theres always scarcity of staff in such schools which have special educational needs. 2. Charitable volunteers forgiveness program: Spreading kindness and goodwill can also be rewarding in terms of forgiveness of student loans. The favor of charitable volunteering is returned by forgiveness of a certain percentage of the student loan. Students who serve in the Peace Corps, American corps and VISTA are entitled to claim forgiveness of their student loans. • Volunteers in service to America (VISTA) the volunteers are rewarded with $4,725 of student loan forgiveness on completion of 1,700 hours of service. VISTA is dedicated to eliminating illiteracy, hunger and poverty.
• Peace Corps: fifteen percent of the qualified student loans are forgiven for each year of service provided by the volunteers, up to a total of 70 percent of their starting balance. • American corps: Americorps, as it is commonly known, is a division of the Peace Corps which works only within the United States of America and the volunteers are eligible for $4,725 worth of student loan forgiveness after they have completed one year of voluntary work.
3. Head start staff forgiveness program: This program has been specifically designed to promote education for children coming from lower income families. The volunteers who participate in the head start program are generously rewarded with forgiveness in their student loans. This program is supported by the state government, which will repay fifteen percent of the student loan every year, till the time the total loan balance is paid in full. Under the head start program, children from low income families are taught skills which are needed for entering kindergarten. 4. Forgiveness program for nurses and medical technicians: For medical professionals, working in fields where there is a dearth of quality medical professionals, several student loan forgiveness programs are on the offer. Up to 60 percent of the outstanding student loan balance can be paid for under the Nursing Education loan Repayment Program. The eligibility requirements for this program are that the professional should have worked for more than two years in critical shortage facilities. Qualified individuals can also avail of the overly generous National Health Services Corps student loan forgiveness program, which can repay even up to $35,000 of the remaining balance for every year of service. 5. Student loan forgiveness for law enforcement officials: On protecting and serving the community, the government will extend its support in reducing your burden of Perkins student loan. Serving as a full time law enforcement or correctional officer can entitle you to a complete cancellation of the Perkins student loan. For you to become eligible, your school will have to determine the following: • The employing agency should be publicly funded such as local, state or Federal agency and the agency should be working in the field of prevention, control and reduction of crime or in the field of enforcing criminal law. • The ranking also counts, so you need to be a sworn officer or person whose main responsibility is directly related to the agencys primary mission. 6. Forgiveness programs for Family services and similar other services: These programs are meant both for family services and nonprofit child agency employees, making them eligible for 100 percent forgiveness of their student loans, provided theyre working at eligible centers. The idea is to promote highly educated child care professionals to take up such jobs and provide long-term services. The basic requirement is that the borrower should have a bachelors degree in the field of early childhood education. And the eligible centers are those which are attended by more than 70 percent of the families who are earning below 85 percent of the median household income. 7. Forgiveness programs for intervention service providers for the disabled: Full repayment of Perkins student loan is possible for people who provide full time service to children with physical, emotional, communicative or similar other types of disabilities. The eligible programs are those which conform to the guidelines of the Individuals with Disabilities Act, irrespective of whether the care program is being conducted in an in-house setting or at a facility. To know more about this forgiveness program get in touch with your Perkins loan provider. 8. Forgiveness for armed forces: There is a wide range of money saving benefits and student loan forgiveness programs for those who are serving in the military. The student loan borrowers, who have served with the armed forces from September, 2001 to June, 2006 can claim forgiveness for up to $2,500.00 worth of student loans. The offer gets even more enticing for those serving the National Guard, as repayment to the tune of $10,000.00 worth of student loans is also available for qualifying individuals.
Before we end this article on student loan forgiveness, we would like to tell you that there are literally hundreds of different types of student loan forgiveness programs. To get more information get in touch with the HR department of your company, as they would have details about the industry specific forgiveness programs. Information can also be had from the local volunteer organizations in your area.
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