Ways To Get Loan Forgiveness
Individuals can in certain situations manage to eliminate all or some of their pending student loans through a program known as the student loan forgiveness program. If successful, you get to free yourself from years of having to deal with loan repayments. It also frees up some of your income, which you can then channel into future investment opportunities.
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Contingent on your current occupation and the degree attained in college, chances are that you qualify for several student loan forgiveness programs. For those not sure whether it’s possible to have loans forgiven through their current employer, they can begin by asking the HR department.
The following are ways you can use to get loan forgiveness:
Volunteer
Various volunteer organizations provide student loan forgiveness to interested individuals in exchange for their time. Becoming a volunteer for VISTA (Volunteers in Service to America), Peace Corps, and AmeriCorps can lead to up to 70% of your student loans being forgiven.
Check their respective websites to collect additional details about their student loan forgiveness programs.
Become a Lawyer or a Medical Professional
It’s not uncommon for legal and medical professionals to end up with student loan debts totaling up to six figures. Fortunately for individuals in these professions, there exist numerous student loan forgiveness plans that can help them reduce their repayment burden.
- The NIH (National Institute of Health) is known to forgive student loan debts for medicine students that manage to complete certain kinds of studies. This will include research in areas such as contraception research, medical disparities, and clinical research.
- Engaging in non-profit work is a good way to get started on obtaining loan forgiveness for law school graduates. Check with Equal Justice Works to obtain a list of law schools that provide their graduates with loan repayment assistance. If studying at a school included in this list, make sure to get in touch with the financial aid department for information on how the loan can be forgiven.
- The National Health Service Corps Loan Repayment Program provides loan forgiveness of up to $50,000 to certain health experts. To receive forgiveness, one is required to volunteer their services at clinics experiencing a staff shortage for two years. Additional service may also make you eligible for further loan forgiveness.
Enroll in the Military
A major benefit that comes into joining the military is loan forgiveness. At the moment, the Navy, the Army, Air Force National Guard, the Air Force, and the Army National Guard all provide loan forgiveness and loan repayment programs. The amount provided can be as much as $20,000 depending on your branch.
Unluckily, the Air Force Reserves, the Coast Guard, and the Marine Corps don’t provide any loan forgiveness plans.
Become a Full-Time Teacher
It’s possible to have part of your student loan forgiven if you used a Perkins Loan to assist you to pay for your college education. For this to happen, you will need to work full-time in a school, i.e., elementary, middle, or junior high school, that specifically deals with children from low-income communities. Your balance will reduce the more years you teach.
Author: This article is for informational purposes only and is not a substitute for professional advice regarding health or finances. It is not intended to endorse any individual or company. This article is AI-generated and may contain inaccuracies or unreliable information. Readers should consult a qualified professional for personal advice.
