Student Loan Forgiveness: Do You Qualify?
Did you know that there are numerous programs available that will actually pay off all or part of your college loans? Student loan forgiveness is not a myth. Many of these programs are not widely advertised and most people who are eligible don’t even realize they qualify to have thousands of dollars taken out of their student loan balance.
Teacher Student Loan Forgiveness
The Teacher Loan Forgiveness Program will pay up to $17,500 for college loans for qualified teachers. Full-time teachers with an outstanding FFEL or Direct loan balance as of October 1998 are eligible for a $5,000 college loan repayment after 5 consecutive years of service.
Student loan forgiveness in an increased amount of $17,500 is available to qualified borrowers who teach full-time in the field of math or science at an eligible high school or who provide special education to students with disabilities.
For more information or to apply for this student loan forgiveness program for teachers, visit:
http://studentaid.ed.gov/PORTALSWebApp/students/english/cancelperk.jsp?tab=repaying
Student Loan Forgiveness for Employees of Nonprofit Child or Family Service Agencies
In an effort to attract and retain more highly trained early child care professionals, the federal government has developed programs to forgive up to 100% of college loan balances for individuals in eligible centers.
To qualify for this student loan forgiveness program, borrowers must have a degree in early childhood education and work full-time for 2 years in a qualified facility where at least 70% of the children in care are from families who earn less.
85% of the state median family income.
For more information, call the Child Care Provider Loan Forgiveness Help Desk at 1-888-562-7002 or visit http://www.studentaid.ed.gov/students/attachments/siteresources/childcareinfo. pdf
Student Loan Forgiveness for Law Enforcement Officials
Protect and serve the community and the government will do the same for your budget by paying off your college loans for you. Full-time law enforcement or correctional officers are eligible to have their loans repaid by the government at a rate of 15% per year for the first 2 years of service, 20% for the third and fourth years, and 30% for the fifth year. .
Student Loan Forgiveness for Nurses and Medical Technicians
Several generous student loan forgiveness programs are available to physicians and RNs who practice in areas that lack adequate health care.
The National Health Service Corps will pay up to $35,000 per year of service for qualified individuals. For more information and to download application forms, visit [http://nhsc.bhpr.hrsa.gov/applications/lrp_ca.asp]
The Nursing Education Loan Repayment Program (NELRP) pays up to 60% of your college loan balance for those who serve at least 2 years in critically underserved facilities. For details on eligibility and to download application forms, visit
http://bhpr.hrsa.gov/nursing/loanrepay.htm
Student Loan Forgiveness for the Military
The government shows its appreciation for those it serves and protects with a variety of student loan forgiveness programs for the military. The Armed Forces Forgiveness Program pays up to $2,500 in college loan debt to borrowers who served between September 11, 2001 and June 30, 2006.
The National Guard offers its own student loan forgiveness program, paying up to $10,000 in college loan debt for each qualified person. For more information, call 1-800-GO-GUARD.
Volunteer Student Loan Forgiveness
Serving in the Peace Corps, Americorps, or Volunteers in Service to America (VISTA) qualifies you for college loan forgiveness programs in various amounts.
Peace Corps: Time spent volunteering for Peace Corps country in more ways than just good feelings. Volunteers receive 15% of their Stafford, Perkins, and Consolidation loans paid for each year of service up to 70% of the college loan amount. For more information about this student loan forgiveness opportunity, call 1-800-424-8580.
Americorps, the national arm of the Peace Corps, awards volunteers $4,725 to apply toward their outstanding college loans after one year of service. For more information, call 1-800-942-2677.
VISTA (Volunteers in Service to America): Volunteer 1700 hours for one of many organizations across the country focused on eradicating hunger, homelessness, poverty and illiteracy and get up to $4725 erased from your college balance. For more information, call 1-800-942-2677.
Student Loan Forgiveness for Head Start Staff
Those who volunteer for their state’s Head Start program not only help children from low-income families prepare for kindergarten, they also receive full or partial forgiveness of college loans.
The state rewards its Head Start teachers and administrators by paying off 15% of their college loan balance for each year of service up to 100% of the balance. To know more visit: [http://www2.acf.dhhs.gov/programs/hsb/]
Student Loan Forgiveness for Disability Intervention Service Providers
The government will pay your Perkins loan in full if you provide full-time services designed to help disabled infants or toddlers who have physical, cognitive, communication, social, emotional, or adaptive needs. Qualified programs may operate from a home setting or an outside facility, as long as the program meets the requirements of the Individuals with Disabilities Education Act. For more information about this student loan forgiveness program, contact your loan provider.
Find more resources offering student loan forgiveness programs
Even more programs exist at the state or county government level or through industry-specific organizations. Check with the human resources department of your employer or groups you volunteer for or are considering joining. Be sure to bookmark this resource page or give it to a friend or colleague. You may find a way to save yourself or someone you know a few thousand dollars!
