There are many programs to forgive student loan debt out there. You just need to know where to start. Here are a few of the best programs available.
Program One- Volunteer Work
If you’re in a position to perform volunteer work there are some great programs to forgive student loans. With organizations like AmeriCorps and Volunteers in Service to America (VISTA) will offer up to $4700 a year towards your student loans. The Peace Corps will allow it’s volunteers to defer their loans and even cancel up to 70% of any Perkins loans they may have. Volunteer work will give you the chance to help others in need, change the lives of many people, and repay your loans through you hard work instead of your paychecks.
Program Two- Teaching
There are many programs to forgive student loan debt through different teachers organizations. If you become a full time teacher in an elementary or secondary school that primarily works with low income communities you may be able to have up to 15% of your Perkins loans forgiven after the first year. The percentage of loan cancellation will increase with each year you work. This is available through the National Defense Education Act. Contact your school district to see which schools are eligible under this plan.
Program Three- Nursing
The Nursing Education Loan Repayment Program offers a program to forgive student loan debt. Once you complete school and become a registered nurse, you can potentially have your entire loan forgiven if you commit a certain number of years of service to communities with poor or inadequate medical care facilities and programs. Keep in mind that with this program you may need to relocate to an economically depressed area.
Program Four- Legal
If you’ve gone to school for law, there are programs to forgive student loan debt available if you are willing to work in a public service position. The American Bar Association offers generous loan repayment assistance programs to people who are willing to work for so many months or years as a public service lawyer. Most people out of law school don’t have much of an interest in working for civil legal aid programs, so this program was enacted as an enticement. You can expect a salary in this field to start at $36000. This program is a little different, as the repayments to your loans can be considered income and taxed.