Loan Forgiveness Programs Reduce or Eliminate Student Loan Debt
Student loan debt can pile up quickly and before you know, you’re way over your head in student loan debt that you can’t afford to repay. It’s especially hard in a tough economy to make on-time payments, but there are federal loan forgiveness programs out there that allow you to “pay back” your student loans without using the money.
The federal government will cancel all or part of your Top Student Loan Providers through various programs designed for graduates who are having trouble paying back their loans. The primary way that these loan forgiveness programs work is by allowing graduates to “pay back” their student loan debt through volunteer work, joining the military, teach/practice medicine is government specified communities, or by meeting other criteria specified in government loan forgiveness programs.Volunteer WorkAmericorps, Peace Corps, and Volunteers in Service to America (VISTA) are all organizations that offer Private Student Loans forgiveness through volunteering.
Americorp, for instance, allows you to earn up to a $7,400 stipend and $4,725 towards Paying off student loans for just 12 months of volunteering. The advantage of a program such as this one is that you get money towards paying off student loan debt, as well as you get the added benefit of helping others through volunteering.
You’ll have to check each volunteer website to get more specific information about this kind of opportunities, but at least you know now that they do exist. These programs can help you save significantly on Education Student Loans debt and interest charges – not to mention possibly late fees for not paying or making late payments.Military Service Students and alumni who enlist in the Army National Guard or any branch of the military are eligible to have their student debt reduced or eliminated completely depending upon the amount of debt.