Student Loan Forgiveness Programs

You Don’t Need To Go To Church To Get Student Loan Forgiveness Programs

Although you don’t need to go to confession to be eligible for student loan forgiveness programs, it doesn't hurt to pray to any and all Gods and Goddesses known to man. A good Goddess to pray to is the Roman Goddess Fortuna, who is where we get the words "fortune" and "fortunate" from. She is responsible for the original Wheel of Fortune. Federal student loan forgiveness programs are issued for exceptional circumstances, sop it doesn't hurt to get help from high places.

Eligibility Requirements

Be sure your federal student loans are really really bad before you consider student loan forgiveness programs. They won’t wave a magic wand and you can walk away scott-free. No, you have to work for these babies. And often, they will not pay the entire loan off, just part of it. Here are the eligibility requirements in for federal student loan forgiveness programs.

You are eligible if you are doing a lengthy spot of volunteer work from only these three volunteer groups:

Peace Corps
AmeriCorps
Volunteers In Service To America (VISTA)

You are also eligible for federal student loan forgiveness programs if you are in the military, including the National Guard. You are also eligible if you are a teacher in certain low-income areas (including the entire state of Mississippi). You must contact the American Federation of Teachers for the most recent eligibility list. It's easier to just bite the bullet and pay the loans back, isn't it?

Unusual Areas Of Forgiveness

For some reason only Fortuna knows, attending certain schools or getting certain loans can make you eligible for student loan forgiveness programs. Since these programs change, you need to always check these out before committing to anything. If you attended Baker University's Colleges of Arts And Sciences in Kansas, you're probably eligible. No reason.

If you studies law enforcement, penology, parole and probation or law in Alaska under the benefit of the Michael Murphy Loan, you are also eligible … both of you. (That was a joke.)

If you word for the state of Maryland and make less than $40,000 before taxes per year, then you are also eligible.

If you studied nursing, you also may be eleigable for partial repayment of your student loans, especially if you are with the National Health Service Corps. You need to double check with the Nursing Education Loan Repayment Program.

All the rest of you, keep on praying.

Student Loan Forgiveness

Certain Qualifications Can Achieve Student Loan Forgiveness

In most cases the loans people take out to pay for college will have to be paid back, typically starting about six months after graduation. There are some colleges and certain federal programs that allow for student loan forgiveness, but it is not going to be like apologizing to your mother for breaking a vase. In most instances, student loan forgiveness for all or part of the loan will require that certain criteria be met and the student meets the requirements for canceling the loans.

Many government loans for education can be reduced through different methods, such as volunteering, military, teaching or providing legal or medical services. AmeriCorps volunteer service allows for $4,725 to be erased from government school loans in exchange for a year of service. It also provides a cash stipend to help pay living expenses while away from home. Joining the Peace Corps can also help with student loan forgiveness at the rate of 15 percent of the loan for every year graduates spend volunteering.

Volunteers In Service to America, VISTA volunteers can receive $4,725 in student loan forgiveness for every 1700 hours in community service provided for non-profit work with the poor. There are also some ways that student loan forgiveness can be gained while being a member of the military.

Providing Services Where It Is Most Needed

Many low-income communities have trouble finding qualified teachers to fill their schools and student loan forgiveness for government loans are available for new teachers will to teach in certain schools. Most of these programs offer a 15 percent reduction in the amount of the loan in the first and second year teaching in a qualified school. Another 20 percent of the total can be dropped during the third and fourth year with another 30 percent cut in the fifth year, meaning that 85 percent of the loan balance can be forgiven after five years.

Many law schools and medical schools also offer student loan forgiveness if their graduates agree to fulfill obligations providing service to the poor or economically challenged residents in certain communities. In addition to receiving student loan forgiveness, they also receive valuable experience in real life settings.

Those students who do not qualify for student loan forgiveness may look at federal student loan consolidation if they received funding for their education from more than one source. Often consolidation through the government can reduce the monthly aggregate payments required on several student loans.