5 Lessons Learned: Lenders

What are the 5 Student Loan Forgiveness Programs?

Any student loans especially the federal student loans should be paid back. It requires repayment after 6 month that you no longer attend college or after graduation. Each loans have different payment options which includes extended payment if you are unemployed or underemployed. Few other options are given to the borrower whether to forgive all of his loan or part of it depending on the circumstances of the student loan.

The borrower have the option to volunteer allowed by the federal government under 3 different organizations; partial or total loan forgiveness. Volunteer up to 12 months in Americorps gives you a loan repayment of $4725.00.

Peace corp volunteer differs in loan repayment depending on how long have you been in service. With the 70 percent maximum amount to be forgiven and the minimum is 15 percent, each year under volunteer status.

A partial student loan forgiveness are given to the borrower if become a volunteer for VISTA $4725.00 loan repayment will be given by VISTA while working as a volunteer for 1700 hours.

You can also choose to volunteer with the Army National Guard and receive up to $10,000 depending on your length of service as a repayment for your educational loan.

If you have the calling to become a teacher, then you can become a teacher, teaching in a certain population with low income students. Teachers are forgiven with their student loans at a 15 percent rate for the first 2 years of teaching, 3-4 years you will be given 20 percent and on the 5th year, you will be forgiven at 30 percent.

Mississippi teachers who are employed with teacher shortage are qualified to apply for a teacher loan repayment program.

Working in a non profit or public interest position, with law school loan to pay, you might be qualified to apply for a student loan forgiveness.

Doctors and nurses who are practicing their field of study in areas that do not have access to medical care should contact American Association of Medical Colleges and ask for the list of all medical loan forgiveness options.

In Alaska, educational loan repayment are given to those who are granted a Michael Murphy Loan. You are eligible for a loan forgiveness if you specialize in probation, penology, law or parole or other related study and become an Alaskan State Trooper with a 20 percent rate of loan for forgiveness every year.

This programs are excellent way on serving your country as well as your state in order to receive a forgiven loan. Interested working in a public sector? Then take advantage of these great opportunity.

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