Federal student loans always have to be paid back. The loan program requires repayment after graduation or six months after the borrower is no longer attending college.
These loans have varying repayment options, including deferring payments if the borrower is unemployed or underemployed.
5 pupil Loan Forgiveness Programs
Student loan forgiveness offers a few options to the borrower to give them the chance to have part or all of their loans forgiven under positive circumstances.
Volunteer Work:
The federal government allows a borrower to volunteer with three separate organizations for a partial and up to total loan forgiveness. Volunteer with Americorps for 12 months and receive up to 25.00 for loan repayment.
Peace Corp volunteers will be granted loan repayment in differing amounts depending on distance of service. Fifteen percent of the loan total is forgiven for each year of volunteer status with a maximum estimate forgiven of 70 percent.
Vista offers the borrower a chance to volunteer and receive a partial student loan forgiveness. Volunteer 1700 hours through Vista and receive 25.00 for loan repayment.
Military Service:
Student borrowers have the chance to join the Army National Guard and receive up to ,000 for educational loan payments depending on distance of military service.
Teachers:
Borrowers that come to be teachers in schools that have a positive population of low income students may be eligible to receive forgiveness of their Perkins loans. The National Defense education Act allows teachers to have loans forgiven at a rate of 15 percent of the loan for each of the first two years of teaching and twenty percent in years three and four. Thirty percent of the loan is forgiven in the fifth year.
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