Student Loan Forgiveness Programs
We volunteer work. This is where the federal government allows the borrower to volunteer with three different organizations for partial and total loan forgiveness. You volunteer for a given period of time and the pay you. The payment will strictly for the repayment of loan. In some of the organizations you can volunteer for a period of twelve months and you receive some good amount for loan repayment. Other organizations will give you repayment in different amounts depending on the period of service. They forgive you fifteen percent of the loan for each year that you offer your services with maximum amount forgiven up to 70% of the loan. In some organizations you can volunteer 1700 hours and you receive partial loan forgiveness. Not all organizations offer volunteer services for loan forgiveness programs but there are some specific organizations that does that.
There is also military service as one of the programs of student loan forgiveness from www.forgivenessprocessing.com. Here the students borrowers are give n opportunity to join the army national guard. In this one there are going to be paid a particular amount of money depending on the length of service.
We also have teachers. These are teachers who teach in schools that a certain population of low income students. Such teachers are eligible for loan forgiveness. This is according to the National Defense Education Act which allows such teachers for their loans to be forgiven at the rate of fifteen percent of the loan for each of the first two years of teaching and twenty percent in years three and four and thirty percent is forgiven in their fifth year of service. Another category is a group of teachers who have been employed in schools with a teacher shortage also qualify for this program. Watch https://www.youtube.com/watch?v=w7O7WhaF55M to gain more details about loan forgiveness.
Another program we have in legal and medical studies. This is a group of law school loan borrowers who work in non profit or public interest law positions may also qualify for student loan forgiveness. We also have group of doctors and nurses who practice medicine in areas that do not have access to good medical care, this group also qualify for student loan forgiveness.
We also have law enforcement as another program. These are student borrowers whose field of studies was probation, parole, law, penology or any other related field of study also have eligibility to receive loan forgiveness at the rate of fifteen percent per year under some conditions-if they are employed with some specific organizations. Read about combine student loans with spouse here.