What to Do to Be Eligible for Student Loan Forgiveness
It is possible for your student loan to be cancelled by the federal government as the whole amount or part of it. This is called loan forgiveness and there are some things that you could do to qualify. The reason why this program was introduced is so that it encourages the students to pursue careers that are known to have low salaries or the ones that need huge financing. Usually, the student that is forgiven is meant to work for some years in that profession to repay the loan.
One of the things that you could do is perform volunteer work. The organizations that the government allows for you to do volunteer work in will pay you stipends and these are the ones that will go towards reducing the loan amount. You will notice the organizations that the government will choose are the ones that will help other people in the society. Elimination of poverty, hunger and homelessness are just some of the activities that the organizations you volunteer with should be doing for you to get student loan forgiveness.
You will be eligible to get up to a maximum of $ 10000 if you are in the Army National Guard as part of the loan forgiveness program. It is important to note however that there are scholarships and tuition assistance programs available from the military and veterans’ associations. Teaching is the other option that you have to get student loan forgiveness. The students that become full-time teachers in either an elementary or secondary school which is of service to the poor families, part of their loans can be forgiven. There is a list that is maintained by the federation of teachers on the programs that are available for teachers to make them eligible for loan forgiveness.
The law students that offer to do volunteer work in public interest or non-profit positions are usually eligible for loan forgiveness. The bar association will make available all the information you need on what you need to do for you to become eligible for the programs.
Before you commit to any of the student loan forgiveness programs, you should make sure that you understand all the eligibility requirements and the benefits that are available. You will need to be careful when choosing the program because you will have to follow the rules that are stipulated. This is the reason why you should contact the loan officer so that you know the options that you have.
The general types of student loan forgiveness programs are 2. The up-front and back-end programs are the 2 student loan forgiveness programs. The up-front programs will cancel part of the student loan debt for each year of service as it occurs. On the other hand, the remaining debt will be paid after a number of years of service for the back-end programs.