Finding Student Loan Forgiveness

Document Sample
Finding Student Loan Forgiveness  Powered By Docstoc
					Title: Finding Student Loan Forgiveness


Category: student loans

Article body:
Receiving a student loan discharge is not the only way to eliminate
student loans. There is also a program known as student loan forgiveness,
although the requirements a student must meet in order to be eligible for
it are just as stringent. As well, the qualifications are very
specialized and specific.
A student can receive student loan forgiveness if he or she performs
certain kinds of volunteer work. For example, if a student serves in the
AmeriCorps for at least one year, he or she can receive money to be used
towards their loan payments. Members of the Peace Corps may receive
deferments for Perkins Loans, Stafford Loans, and Consolidated loans, and
may be relieved of up to seventy percent of the amount of their Perkins
Loans. Members of VISTA - Volunteers in Service to America - may receive
money to be put towards their loans if they volunteer for at least
seventeen hundred hours. Students serving in the military - specifically
members of the Army National Guard - may receive up to ten thousand
dollars towards their loans, as part of the Army's Student Loan Repayment
Certain students who go on to become teaches can also qualify for student
loan forgiveness. Those who teach full-time in elementary or secondary
schools which service low-income areas or a majority of low-income
families can qualify to have fifteen percent of their Perkins Loan
forgiven during their first two years of teaching. During the third and
fourth years, twenty percent of the loan amount can be forgiven, and for
the fifth year, thirty percent can be forgiven. Students who work as
teachers in Mississippi, have an Alternate Route Teaching License, and
teach in a region with a shortage of educators might qualify for the
Teacher Loan Repayment Program.
There are a variety of student loan forgiveness programs available to
people in the health industries, namely doctors and nurses. This usually
applies to doctors and nurses who work in rural areas for a specific
amount of time - i.e., areas which do not have adequate medical care or
regions which are economically depressed. There are also options for
student loan forgiveness for those practicing medical research, as well
as options for occupational therapists and physical therapists.
Some colleges offer specific student loan forgiveness options, some
states provide potential eligibility to people in law enforcement, and
the recipients of certain loans who study a specific field may also
qualify. The federal government offers a large variety of student loan
forgiveness options, as well. These options pertain to Perkins Loans and
Stafford Loans. Those loans can potentially be forgiven, again, for
teachers who service an area with a large number of low-income families.
As well, it can apply to those teaching children with disabilities or to
high-risk children. There are also federal options for student loan
forgiveness which apply to many other of the aforementioned services and
The idea of student loan forgiveness is as a benefit and reward for those
people who offer their services to those less fortunate. Because they are
willing to selflessly donate their time, care, energy, and expertise to
people or an entire area which is not as blessed, they can be relieved of
a large amount of financial debt and obligation. The purpose is to prove
that being compassionate and generous, and trying to make a difference in
the world will always be rewarded.