Get To Know Different Forgiveness Programs for Student Loans
Looking at the today’s depressed economical condition and the all-time low unemployment ratio it is obvious for many of the students passing out this year to worry about the repayment of their loans. Everything you borrow has to be returned one or the other day and the same is applied to student loans, which you have to repay six months after you pass out from your college with required degrees. Thanks to varied repayment options that help the underemployed or unemployed students including the differed payment. However, it is important for students to understand the various student loan forgiveness programs. Under these programs, borrowers of the student loans get an opportunity to make sure that some part or all of their student loans are forgiven under special circumstances.
Volunteer work is one option where borrowers have to work with three different organizations due to which they become liable for part or complete loan forgiveness. If you volunteer for the AmeriCorps for a period of one year then you receive a chance to repay $ 4725 of your total student loans. If you volunteer of Peace Corp then you receive loan repayment in differing amounts that totally depends on the total period you serve for the organization. Each year you work for this organization, you get fifteen percent of forgiveness on total loan amount whereas the maximum limit for forgiveness is 70% under this program. If you decide to work for the VISTA organization for about 1700 hours then you get a chance to repay $ 4725 of your student loan.
Another program under which you can obtain forgiveness for your student loans is by volunteering as a teacher in schools representing the low-income population community. Under the National Defense Education Act, teachers volunteering for this program receive 15 % forgiveness on their loan amount for first two years, 20 % for the third and fourth year and 30 % of the loan amount is forgiven in the fifth year.
Students who have obtained students loans for pursing education in law schools have the opportunity to get forgiveness for their loans by working for non-profit or public interest law positions. On the other hand, US Department of Human and Health Services has a special program for doctors and nurses to forgive part of their student loans if they opt for working in areas miles away from getting proper medical and health facilities. Additional information about these programs can be obtained upon contacting the American Association of Medical Colleges and asking them to present the list of all medical student loan forgiveness programs.
In the state of Alaska a special loan forgiveness program for students granted Michel Murphy Loan for studying probation, law, parole, penology and another related field exists under which students receive 20 % percent of loan forgiveness every year if they decide to get employed as Alaska State Trooper.
All such Student Loans forgiveness programs is a great way of serving your nation or state and at the same time receiving partial or complete forgiveness for the amount of loan you have secured for your education. For the students interested in public sector work and dedicated to serve their country this is one of the best options not only to pursue your dream education but also to make your career in your interested field of work.
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