Beginner Guide to Understand Student Loan Forgiveness Programs

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Have you ever heard about student loan forgiveness program? For you who have student loans and having a problem because of this loan, this program is your solution. Below, we have information about this program that you can use for your reference.

What is Student Loan Forgiveness Programs?

Basically, this program was created to help a student that has a problem with their student loan. A student can apply for working in this program. And, their payment of doing the volunteer work in program will be used to pay the student loan. That way the student can pay their debt, especially after they graduate and before they receive income from their job. At least, with this program, the student can work with zero debt.

The student Loan Forgiveness Programs Type

First for all, you can only use this program for paying federal student loans. If you apply for a private student loan, you won’t be able to use this program to pay your loan. There is also requirement where you need to pay the loan after six months you graduate from college. So, you can apply for the programs and doing it during that time to pay the loan. Now, let’s take a look at the programs you can take.

  • Volunteer Work

You can find many volunteer work options in the programs. But, the most popular choice is working voluntarily with AmeriCorps. If you work with this organization for 12 months, you can receive up to $4725 to pay your student loan.

Then, you also can try to do a volunteer job at Peace Crop. Depending on how long you work here; you can get from 15% to 70% of payment for your student loan.

Then, the last choice is VISTA. The provide the 1700 hours volunteer work program that gives you $4725.

  • Military Service

You also have a chance to join the Army National Guard. If you do this, you can receive up to $10,000. The amount depends on how long you spend your time in this military service program.

  • Teachers

You also can become a teacher to get forgiveness. There are many programs for this purpose. For example, the National Defense Education Act has 15 percent loan forgiveness if you apply for their program for teaching for the first two years. If you extend your work for another two years, you can get 20% loan forgiveness.

  • Legal and Medical Studies

You can find the program from the US Department of Health and Human Services for this purpose. This program is made for doctors and nurses. So, if you graduate from medical college, you can apply for this program.

  • Law Enforcement

This program is available in Alaska. If a graduate student joins the Alaska State Trooper and doing the work related to this field, they can get 20% loan forgiveness a year.

Basically, what you need to do here is working for your country. If you can do that, you can indeed get the help to pay your loan. Most importantly, you also help your country with these student loan forgiveness programs.

Read also, 3 Tips to Find Best Auto Loan Rates for Buying Used Car.

Tags: #private student loan #student loan forgiveness programs #zero debt

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