Student Loan Forgiveness

Student loans forgiveness can be granted from the United States under certain circumstances that the federal government has outlaid in their website. In order to qualify, the borrower must perform volunteer work, military service, teach, practice medicine in certain communities, or meet any other criteria specified by the government. Volunteer programs that offer this include Americorps; in which a borrower can serve up to 12 months and receive a stipend and a $4725 student loans forgiveness credit. "Give, and it shall be given unto you; good measure, pressed down, and shaken together, and running over, shall men give unto your bosom. For with the same measure that ye mete withal it shall be measured to you again." (Luke 6:38)

The Peace Corps is another volunteer program in which volunteers may apply for deferment and cancellation of certain Perkins loans after 2 years of service, and Vista, in which borrowers receive a $4725 certificate after 1700 hours of service. Military options allow the borrower to join the Army National Guard, which offers a trade off of up to $10,000. Graduates who become fulltime teachers in an elementary or secondary school in a pre-certified low income school would also qualify for student loan forgiveness. A portion of the student Perkins debt can also qualify for trade off.

Another avenue for participation includes the study of law. Many law schools forgive the financing debts of students who serve in non-profit positions or in public interest positions. The US Department of Heath and Human Services offers student loan forgiveness to borrowers majoring in certain health related occupations such as nursing. These nurses must work in an area lacking appropriate medical care. Medical Research Doctors and Doctors of Medicine in certain hospitals and clinics across the US offer certificates of varying amounts in exchange for a set number of years practicing at a certain facility. Certain areas of law enforcement in Alaska, as well as Maryland state employees who earn less than a $40,000 yearly salary can also participate.

The federal government allows certain federal agencies to establish these programs to help recruit and retain employees. To date there are no such programs that allow a student loans forgiveness for a private loan. Students are encouraged to exhaust all means of government guaranteed financing before applying for and receiving private student loans, as yearly there are becoming more and more ways to receive trade offs for federal Perkins and Stafford loans. Any student looking to fund their education should be aware of student loan forgiveness programs in their areas of interest before paying out of pocket tuition.

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