Did you know that there are many programmes that will pay off all or some of your student loans? There is no myth about student loan forgiveness. Many of these programmes don't get a lot of publicity, so most people who could get thousands of dollars taken off their student loans don't even know about them.
Teachers can get their student loans forgiven.
Under the Teacher Loan Forgiveness Program, qualified teachers can get up to $17,500 back on their college loans. After 5 years of service, full-time teachers who still owe money on an FFEL or Direct loan that they took out on or after October 1998 are eligible to get $5,000 back.
Students who teach full-time in math or science at an eligible secondary school or who teach special education to students with disabilities can get their student loans forgiven up to $17,500 if they meet the requirements.
To find out more about this programme or to fill out an application, teachers can go to:
http://studentaid.ed.gov/PORTALSWebApp/students/english/cancelperk.jsp?tab=repaying
Employees of a non-profit child or family service agencies can get their student loans forgiven.
In order to get and keep more people with high-level training in early childhood care, the federal government has set up programmes to forgive up to 100% of college loan balances for people who work at certain centres.
To be eligible for this student loan forgiveness programme, borrowers must have a degree in early childhood education and work full-time for 2 years at a qualified facility where at least 70% of the children in care come from families that make less than 85% of the state's median household income.
For more information, call the Child Care Provider Loan Forgiveness support desk at 1-888-562-7002 or go to http://www.studentaid.ed.gov/students/attachments/siteresources/childcareinfo.pdf.
Students' loans are forgiven for people who work in law enforcement.
Protect and help the people around you, and the government will do the same for your budget by paying off your student loans. Full-time police officers and prison guards can get the government to pay off their loans at a rate of 15% per year for the first two years of service, 20% for the third and fourth year, and 30% for the fifth year.
Nurses and medical techs can get their student loans forgiven.
There are a number of generous student loan forgiveness programmes for doctors and RNs who work in areas that don't have enough medical care.
For qualified people, the National Health Services Corps will pay back up to $35,000 per year of service.
The Nursing Education Loan Repayment Program (NELRP) will pay back up to 60% of your college debt if you work in critical shortage facilities for at least 2 years.
Student loan forgiveness for people in the military
The government shows its appreciation for those who serve and protect by giving the military a number of ways to get their student loans paid off. The Armed Forces Forgiveness Program forgives college loan debts of up to $2,500 for people who served in the military between September 11, 2001, and June 30, 2006.
The National Guard has its own programme that pays off up to $10,000 of a person's college loan debt if they meet the requirements. Call 1-800-GO-GUARD to find out more.
Student Loan Forgiveness for Volunteer Work
If you work for the Peace Corps, AmeriCorps, or Volunteers in Service to America (VISTA), you can get some or all of your student loans forgiven.
Peace Corps: Donating time to the Peace Corps pays off in more ways than just making you feel good. Volunteers get 15% of their Stafford, Perkins, and Consolidation loans paid back for each year of service, up to 70% of the total amount of the loans. Call 1-800-424-8580 to find out more about this chance to get your student loans forgiven.
AmeriCorps is the domestic branch of the Peace Corps. After one year of service, volunteers get $4,725 that they can put toward their college loans. Call 1-800-942-2677 to find out more.
Volunteers in Service to America (VISTA): If you work 1700 hours for an organisation that works to end hunger, homelessness, poverty, and illiteracy, you can get up to $4725 taken off your college debt. Call 1-800-942-2677 to find out more.
Head Start staff will not have to pay back their student loans.
Volunteers for the Head Start programme in their state not only help kids from low-income families get ready for kindergarten but also get their college loans paid off in full or in part.
The state rewards Head Start teachers and administrators by paying off 15 per cent of their college loan balances for each year of service, up to the full balance.
Student loan forgiveness for people who work with disabled people who need help.
If you help disabled babies or toddlers with physical, cognitive, communicative, social, emotional, or adaptive needs full time, the government will pay off your Perkins loan in full. Qualified programmes can take place at home or in a different location, as long as they meet the requirements of the Individuals with Disabilities Education Act (IDEA). Contact your loan provider to find out more about his plan to forgive student loans.
Find more places that offer programmes to forgive student loans.
Even more, programmes are run by state or county governments or by groups in the same industry. Ask your employer's human resources department or groups you volunteer for or are thinking of joining. Make sure to save this page of resources to your bookmarks or give it to a friend or coworker. You might find a way to save a few thousand dollars for yourself or someone you know.
