When you have applied for a student loan, received it, went to college and then graduated but end up finding yourself unable to repay the loan at anytime during the payback period, there are things that you can do to minimize or simply wipe off your debts. This is called student loan forgiveness. Since there are many borrowers who have not paid their debts, this program was designed to give them an option on paying back their debt through social work. Although this is not a total guarantee that your student loan debt will be forgiven, it’s at least one way to pay back your student loans when there are no other options for you.
Here is a partial list of programs that you as a borrower can try and enter to help pay back those nasty student loans!
Healthcare professionals who have not paid off his or her debts may become employed by rendering medical assistance in economically backward, disaster-affected or even war-affected regions. This usually happens especially when there is a shortage of medical professionals or because no other professionals want to go there. By rendering your services in this area, your debts forgiven or reduced.
You can also look into private institutions that are willing to pay for your debts in exchange for your employment into areas such as research and development and medical facilities where your expertise is needed.
Teaching is another option to get your student loans waived. You can teach in schools that are understaffed or have a majority of low income students. In most cases, if you teach the subjects Math and Science, your loan can be reduced more than the usual. The government also provided a method where you could teach to schools for children with special needs.
Providing service in the military is another alternative that you can choose for student loan debt forgiveness. You can join in the Peace Corps or any social service organizations, be it here or out of the country where your military services is needed.
This category is probably the most versatile of all as there are a lot of professions that can fit into this. You can be in the law enforcement as a police officer, highway patrol, or a traffic police. You can also work as a social worker for children, the elderly, and persons with disability, and other forms of servicing that can help in the community. This way, you do not only pay your debt, you can also help others as well.
Although your debt cannot be totally forgiven, these services stated above can still be availed to lessen or reduce your student loan debt. Generally, you can expect something like a 15% waiver in the first and second years of your services, 20% in the third and fourth year and 30% in the fifth year.
Five years to pay for your student loans can seem like a very long time, but it is a lot quicker than paying them off while you’re working at a low paying job. Student loan forgiveness may not be for everyone, but for those who have no other option, it can be a life preserver when you feel like you’re drowning in a sea of student loan debt!
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They over the top costs of typical four year colleges has pushed an ever increasing percentage of students to re-evaluate their education options at both the local and national community college level. In fact, many community colleges and vo-tech schools are now offering highly successful two to four year transfer programs as well as cutting edge technical programs for students.