Talk to a debt counselor toll free:800-300-9550
Our Clients Rate Us Excellent
Based on 3234 reviewsTrustPilot Reviews
Second, if you’re qualified to teach certain subjects, you could get as much as $17,500 of your student loan debts forgiven. You would need to teach for five complete and consecutive academic years in a certain elementary or secondary school or in an educational service agency that serves low-income families. What this translates into is that if you currently owe $30,000 in student loan debts this could reduce your burden to $12,500, which should be much easier to handle.
Perkins Loan cancellation
Since Perkins loans come from the school you attended you will need to contact it to apply for this type of cancellation. In general, you can usually have a percentage of your loan cancelled for each year that you work in one of these jobs.
- Member of the US armed services serving in an area of hostilities
- Medical technician or nurse
- Volunteer in the Peace Corps or ACTION program (including Vista)
- Head Start employee
- Corrections or law enforcement officer
- Family services or child worker
- Professional supplier of early intervention services
Programs that could assist you
If you don't qualify for one of these three programs, don't give up. There are some federal programs that could assist you in repaying your debts in return for a service commitment. This includes the US Office of Personnel Management Student Loan Repayment Program, the National Health Service Corp. Loan Repayment Program and the Armed Forces Student Loan Repayment Program. Each of these programs offers different rewards. For example, the US Office of Personnel Management Student Loan Repayment Program offers up to $10,000 a year for loan repayment to a maximum of $60,000. The National Health Service Corp. Loan Repayment Program offers an initial reward of $30,000 or $50,000 and the Armed Forces Student Loan Repayment Program could mean up to $65,000 of your eligible loans would be repaid – depending on your branch of service.
You say you wouldn’t qualify for any of these programs? There is a class of federal loan repayment programs called Income-driven Repayment that could help ease your burden. Here's a brief video, courtesy of National Debt Relief, that explains what it’s all about.