Federal Student Loan Forgiveness

Federal student loan forgiveness can be achieved in a variety of ways, achieving for both the student and the government substantial monetary and community benefits. Reduction and elimination of education funding is offered to graduates who are willing to work in several volunteer organizations. Americorps offers a program of volunteer service where the graduate can serve for twelve months and receive a stipend up to $7,400 plus $4,725 to be used toward federal student loans forgiveness. The services they provide in exchange for this benefit are: tutoring and mentoring disadvantaged youth, fighting illiteracy, improving health services, building affordable housing, and more.

With the Peace Corps, volunteers giving two years of service get deferment of Stafford, Perkins and consolidation loans in the federal programs. Also with the Peace Corps federal forgiveness programs the Perkins funding can be canceled at a rate of 15% for each year of service. Using this means of federal student loan forgiveness allows the graduate the opportunity to serve in 72 countries helping communities in a large number of worthwhile activities. VISTA (Volunteers in Service to America) volunteers work with private non-profit organizations to eradicate hunger, homelessness, poverty, and illiteracy in exchange for federal student loans forgiveness. A volunteer serving 1,700 hours receives $4,725.00 credit toward educational financial aid elimination. Another option is volunteering for the Army National Guard, where volunteers can receive $10,000 through their Student Loan Repayment Program.

Another area where federal student loan forgiveness is available is education. Full-time teachers working with low income families can have a portion of their Perkins funding forgiven each year: Years 1 & 2 = 15%, years 3 & 4 = 20%, and year 5 = 30%. Teaching disadvantaged children raises the quality of the entire community while the graduate benefits from increasing financial stability.

Students with law degrees can serve in public or non-profit positions and earn these benefits before launching a private practice. Health care professionals of all stripes--doctors, nurses, physical therapists, can receive student loan reductions for working in areas that don't have adequate medical care. These programs serve the dual purpose of recovering the costs of federal student loans, and providing services to those who otherwise would go without. Students looking for ways to serve American or foreign communities will gain far more than merely federal student loans forgiveness. The value of service to community is found in scripture: "The gold for things of gold, and the silver for things of silver, and for all manner of work to be made by the hands of artificers. And who then is willing to consecrate his service this day unto the LORD?" (1 Chronicles 29:5)

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