Most of the time, you will have to pay off every dollar that you borrow for your college costs. There are special circumstances, however, where student loans can be forgiven by the federal government. Student loan forgiveness programs are out there for people in certain fields. The most common types of student loan forgiveness programs are for people in the education field and folks who are in the military. This can be quite a benefit for those students who aren't making quite enough money in their respective fields to pay off the hefty student loan balances. Teacher loan forgiveness programs are common for students who spend more than five years teaching. Because teachers are some of the most underpaid individuals in the workforce, they can struggle to pay off their student loans during their early years. The government has taken notice of this and realizes their overall worth. With that in mind, teacher loan forgiveness programs can give them a break from paying a portion of what they owe. Interestingly enough, this forgiveness can be extended for both federal loans and privately held loans. There are different levels of student loan forgiveness that you can qualify for under certain circumstances. The most common amount that you will get is $5,000. This may not seem like a lot, but having $5,000 worth of debt forgiven can save you a great deal in the long run because of all of the incurred interest rates that you would otherwise have paid. There is a bigger forgiveness program available for teachers who are in different fields. If you happen to teach math, science, or special education, then you might be eligible for an even greater forgiveness. Those teachers with more than five years of experience and a substantial amount of debt can be relieved of as much as $17,500. This is the equivalent of paying off more than a year of college for some people. For teachers, who struggle with low salaries and high hours, this is a great way to take some of the loan off. In addition to the programs that are offered on a federal level, there are also state directed forgiveness programs which you should explore in certain circumstances. Iowa, for instance, will forgive up to $10,000 worth of loan forgiveness to certain folks if they qualify. States are always looking to help out their workers. If you are loyal enough to remain a civil servant or a teacher for five to seven years, then there are programs out there to help you. Looking at the big picture, student loan forgiveness programs are a great way to boost the economy. In addition, by creating these programs, the government is looking to encourage more people to get involved in teaching and public service. With the knowledge that there is going to be some help down the road, more folks are likely to get into these fields. With that in mind, student loan forgiveness programs are a clear win-win for both society and individuals.
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