Having Trouble Paying Back Student Loans? Try a Loan Forgiveness Program
Student loan debt can pile up quickly and before you know, you’re way over your head in student loan debt that you can’t afford to repay. It’s especially hard in a tough economy to make on-time payments, but there are federal loan forgiveness programs out there that allow you to “pay back” your student loans without using money.
The federal government will cancel all or part of your student loan debt through various programs designed for graduates who are having trouble paying back their loans. The primary way that these loan forgiveness programs work is by allowing graduates to “pay back” their student loan debt through volunteer work, joining the military, teach/practice medicine is government specified communities, or by meeting other criteria specified in government loan forgiveness programs.
Volunteer Work
Americorps, Peace Corps, and Volunteers in Service to America (VISTA) are all organizations that offer student loan forgiveness through volunteering.
Americorp, for instance, allows you to earn up to a $7,400 stipend and $4,725 towards paying off student loans for just 12 months of volunteering. The advantage of a program such as this one is that you get money towards paying off student loan debt, as well as you get the added benefit of helping others through volunteering.
You’ll have to check each volunteer website to get more specific information about these kind of opportunities, but at least you know now that they do exist. These programs can help you save significantly on student loan debt and interest charges – not to mention possibly late fees for not paying or making late payments.
Military Service
Students and alumni who enlist in the Army National Guard or any branch of the military are eligible to have their student debt reduced or eliminated completely depending upon the amount of debt.
The National Guard, for example, offers up to $10,000 toward paying off student loan debt. Other military programs offer scholarships, tuition assistance and other programs for students and graduates that help pay for college.
Teaching Full-Time in Low-Income Communities
Students who become teachers in certain low-income communities can have a portion of their Perkins Loans reduced under the National Defense Education Act. This act allows your Perkins Loans to be reduced by 15% for your first two years of teaching, 20% for the next two years, and 30% for your fifth year. Check with the school district of your choosing to see if it participates in this program.
The American Federation of Teachers also has a list of loan forgiveness programs available to teacher across the U.S.
These are just a few of the many options out there to students and graduates who are having trouble paying back their student loans. I’ll be posting more information on this topic with other resources that offer in loan forgiveness programs in the near future, so stay tuned.
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Don’t be a fool and do online college like UNIVERSITY OF PHONEX that will lie to you and do anything to get you enrolled.I was given government grants with pell grants and phonex still put me in school loans. By the time I figured out what was going on and quit the peace of crap school I was already in debt! They will sucker you !!! stay away from onlne school unless it’s a local school you know.