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In the event you have a massive amount of student loan debt it's possible to get some of it forgiven by doing good. If you volunteer or choose to work in a service-oriented professional job in a lower income community you could see a huge chunk of your federal student loans cancel. In fact, you could knock off thousands and thousands of dollars after just a few years of service. The fact is that programs for loan forgiveness are available to everyone from the Piece Core and America corps volunteers to teachers, nurses, doctors and other young professionals that serve in communities that are in need. You may have to take home lower salaries but you could get some serious help in repaying your student loans.
National Health Service Corps
If you are a nurse practitioner, Dr., dentist, physician assistant, dental hygienist or a mental health professional you could get a big chunk of your educational debt wiped out by choosing to work for two years in an underserved community. In fact, you could get up to $25,000 in student loans repaid each year in exchange for two years of full-time employment. If you choose to serve beyond the two-year contract, you can earn even further loan repayment. And if you are a healthcare professional with really heavy student debt, you could pay down as much as $50,000 in just two years and as much as $85,000 of student loan debt in three years.
Nursing Education Loan Repayment
If you are a registered nurse and agree to work full time (32 hours or more each week) for two years in a non-profit facility that's in need of nurses, this program repays up to 60% of your student loans. If you choose to work a third-year, you would have the opportunity to repay an extra 25% of your student loans. Just think about this. If you can repay 85% of your student loan debts after just three years, that’s a pretty sweet deal.
Teacher loan forgiveness
When you’re a teacher and make a five-year commitment to teach in a school that’s in need you will get some help with your student loans. However, the best rewards are reserved for those who teach science, math and special education. In fact, if you teach science or math in a low-income high school, you could get as much as $17,500 of your federal Stafford loans canceled. However, again you will need to teach for five years in a designated low-income school.
If you are a special education teacher that works in a designated low-income school for five years you will be eligible for as much as $17,500 in loan forgiveness for your federal Stafford loans. And other teachers who work full time in a designated low-income elementary or high school for five years might be able to get as much as $5000 of your federal Stafford loans canceled.
Public service loan forgiveness
In 2007 Congress passed the College Cost Reduction and Access Act that created a new student loan forgiveness program for public service employees. This program does require something of a commitment as you must work for 10 years as a public service professional. However, the payoff is big – you get all remaining federal direct loans canceled. The public service jobs eligible for this plan include everything from public health and safety to emergency management and from social of law enforcement. To be eligible you will need to have made 10 years of consecutive, on-time repayments of your federal direct loans. This includes Federal direc and then get your remaining loan debt canceled after 10 years of service. So one good strategy would be to consolidate your federal Stafford loans into a new direct consolidation loan and get your remaining loan debt canceled after 10 years of service.
Volunteer program loan forgiveness
If you volunteer for the Peace Corps you can get as much as 70% of your debt canceled after four years of service. If four years seems like too much of a stretch, you could complete a two-year term, which would wipe out 30% of your Perkins loans’ balance. Plus, your payments will be deferred while you are in the Peace Corps. If you volunteer for AmeriCorps you will receive education awards of $4725 for each year you serve. These awards can be used to pay down student loans or for future educational expenses. Even better, some 78 colleges and universities will match AmeriCorps education awards for their students. This means and if you continue your education after you complete your AmeriCorps service, you could see as much as $9450 available to pay your tuition.