Student Loan Debt Forgiveness

Student loan debt is the bane of majority of new graduates. After finally getting that college degree that they all dream of, they have to face the almost insurmountable task of having to pay off their student loans. However, there are ways to erase some or even all of your debts through student loan debt forgiveness programs. You may qualify for these student loan debt forgiveness programs depending on your degree and current work.

The average student loan debt has reached an astounding $24,000 in 2009, according to the Project on Student Debt report and continues to rise. Managing such a large debt through student loan debt consolidation may not be enough. Fortunately, there are forgiveness programs being offered by both the government and private sectors for you to be able to get some student loan debt relief. Here are some ways by which you can have your student loans forgiven.

Do volunteer work. Organizations like the Peace Corps, AmeriCorps and Volunteers in Service to America (VISTA) offer loan forgiveness in exchange of volunteer service. They offer anywhere between 15-70% debt forgiveness. They even offer you stipends for your time of service.

If you have a Perkins loan, you can opt to be a full-time teacher in one of the elementary or high schools teaching children from low-income families. Part of your loan can be forgiven under the National Defense Education Act. The longer you teach in these schools, the more debt you can have forgiven. There are other student loan forgiveness programs for teachers. You can get in touch with your loan board of education to see for which other forgiveness programs you are eligible.

Pursue a career in the military. One of the advantages of joining the military is their student loan repayment program that offers up to $20,000. They also offer many scholarships and tuition assistance programs.

Earning a medical or law degree can accrue quite a huge amount in student debt. Fortunately, there are a number of student loan forgiveness programs that can help ease their financial burdens. Medical students who perform certain clinical researches can have their student debts forgiven through the National Institutes of Health’s NIH Loan Repayment Programs. Law graduates can have some of their student debts forgiven by doing non-profit or public interest work.

These are just some ways by which you can avail of student loan debt forgiveness. While we may not be able to avoid taking out a loan for our college education, there are programs that can help us repay our debts.