If you are one of the many individuals that have accumulated a large amount of student loan debt then you should make an effort towards clearing up this debt. A very effective way to do so would be to take advantage of a student loan debt forgiveness program. This is a great option if you have a large amount of student loan debt and you cannot pay it off at the moment due to your current financial situation.
Taking advantage of the student loan debt forgiveness program can help you with minimize the amount that you owe on student loans. There are numerous student loan debt forgiveness programs available which you could take advantage of to help you reduce or eliminate your student loan debt.
Student Loan Debt Forgiveness Programs for Teachers
There are numerous opportunities available for teachers to reduce or eliminate their student loan debt. A government student loan forgiveness program in the United States is available to obtain more beneficial repayment options on Perkins student loan debt. This is available for special education teachers, low-income school teachers, and teachers that teach a subject which has a shortfall of teachers at the time.
Student Loan Debt Forgiveness Programs for Medical Students
Many medical students may be qualified for student loan forgiveness. Repayment plans and forgiveness programs are available to medical students that qualify through the list of AAMC (Association of American Medical Colleges) listed colleges.
Volunteering for Student Loan Forgiveness
A four year commitment to volunteer with the Peace Corps could eliminate an upwards of 70% of your student loan debt. This is a great option for those that generally enjoy volunteer work anyway. This will also be beneficial for resume purposes in the future. Not all student loans will be qualified for student loan forgiveness by volunteering with the Peace Corp. If you volunteer through the AmeriCorps program for a whole year then you will be given funds to help pay off your student loan debt. Living stipends will also be provided while volunteering through AmeriCorps.
Student Loan Debt Forgiveness through Your School
It may be possible to receive student loan debt forgiveness through the school that provided you with the student loan. To figure this out you will have to contact the school and inquire if the career you entered is qualified for student loan debt forgiveness. A set amount of years in the field may be required to be qualified as well. An example of this is if you obtained a Perkins loan through the federal government, then it is possible to qualify for student loan debt forgiveness if you have become a nurse or law enforcement officer. You may be relieved of up to 100% of your student loan debt as a result.
Looking for Student Loan Forgiveness or Loan Repayment Program
It is important that you know of the various available student loan forgiveness programs. There are many opportunities for you to eliminate a little or all of your current student loan debt. Even six figures student loan debt may be completely covered by a student loan forgiveness program. Chances are higher to receive student loan forgiveness if you enter certain career fields. It is highly suggested that you research this a bit so you get a better idea on the student loan debt forgiveness opportunities that may be available to you.
It is also important that you know about student loan repayment programs and what makes them different from student loan forgiveness programs. The main difference is that student loan repayment programs may provide forgiveness on some private student loans. Student loan debt forgiveness programs are simply designed to help relieve debt of federal student loans. If you have private loans that you would like to receive assistance for repayment on then you may want to look into the student loan repayment programs that are available for you. With the repayment program, your employer will usually make a payment onto your student loan debt or they may provide you with the funds to do so.
Lastly, it is important to know that with both of these types of programs that the funds may be classified as taxable income for the full amount that is received. This is not very appealing but it should not turn you away from utilizing the funds as it is much more beneficial to do so. Certain student loans permit student loan debt forgiveness which is not taxed but this requires you to work in a certain career field, with certain employers, and for a certain time frame.
Ultimately, student loan debt forgiveness programs and repayment plans are both very useful. They can help reduce the amount of student loan debt that you have and take a bit of stress off of you when working towards paying off your debt. In some cases, the student loan debt forgiveness program may completely pay off your student loan debt. In closing, it is highly recommended that you look into ways to take advantage of this opportunity as it could save you a substantial amount of money and speed the process of clearing your debt.