Government Student Loan Forgiveness Plans

Sometimes, the federal government cancels a student’s loan either partially or completely. In order for a person to qualify for such cancellation, they are required to perform a certain amount of voluntary work, serve in the military and practice or teach a certain division of medicine and meet any other requirements that may be brought forward. A government student loan program enables students get through school without worrying much about their tuition fees and later repays the loan when they are employed. This technique has helped very many people complete their education and therefore get good jobs that will ensure they repay their student loans.

Eligibility For Government Student Loan Forgiveness Plans

For government student loan forgiveness plans to be implemented, a person willing to do volunteer work can join the certain federal agencies for a minimum of one year. In this one year, they will receive over $10,000 in loan repayment. Some people may opt to join the Peace Corps and help people in other countries for about 2yrs and get up to 70% of their student loan paid. This particular government student loan forgiveness plan works for many people who do not mind being deployed to other remote countries for two years. Other than federal agencies, people looking at the government student loan forgiveness plan can join voluntary services that work towards eradicating poverty, illiteracy, hunger and homelessness. In this case, volunteering for about 1700hrs can help contribute about $5,000 towards repaying a student’s loan.

Government student loan forgiveness strategies that require people to serve the military also exist. However, if one knows that they intend to join the army, it may be easier for them to join the army and be eligible for many scholarship plans that are open to members of the Army National Guard. Some students get up to 100% tuition assistance when they join the army. Another government student loan forgiveness plan is becoming a teacher in a government school or a school that deals with challenged students, whether physically or financially. In 5 years, teachers can have up to 75% of their loan repaid. However, it is important to verify all these with the school district administration to confirm which schools will allow this forgiveness plan to be implemented.

Other than teachers, lawyers who help people who cannot afford legal aid or those who serve the public are also entitled to government student loan forgiveness plans. This plan also works for doctors and nurses who agree to practice in areas that have few medical facilities or in public hospitals in remote areas. This system may contribute to about $35,000 every year.

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Article source: http://mycreditmadeeasy.com/student-loans/government-student-loan-forgiveness-plans/