Student Loan Forgiveness

Many of you go through the process of getting a federal student loan, but when it comes time to pay it there are so many potential issues that can make repaying it a colossial nightmare.  The last thing that you want to do is wait thirty years and if that is the case then maybe you would be better off just dying, but we don’t recommend it as an option to take care of federal student loan debt.

One option that you can have is doing a little service for the government.  It is known as Student Loan Forgiveness.  The U.S. Government has plenty of issues that they need help on and this is a good way to trade needed skills for dollars.  There are several different ways you can get student loan forgiveness based on what you received a student loan for.  For some of you this might be something worth taking a look at if you have time, but not money.

Medical Student Loan Forgiveness

One way that many medical students take care of their school loans is through a program from the National Health Service Corps.  You can pay off a loan by providing your time for underprivledged areas that need medical assistance.  They will help you pay off student loans and at the same time give you a salary.  That is an impressive deal where they pay your debt and give you a living.  You can contact the Office of Statewide Health Planning and Community Development at 916-654-1833.

Teaching Positions

There are teaching options out there to teach special education courses, students in low-income areas, or an area where there is a small number of teachers compared to students.  This is something you can do during the summer or potentially a part time position based on what the government says is possible.

Americorps

If you have a year to spare then you can volunteer it to the Americorps and you will be rewarded nearly $5,000 and an even larger stipend around $7,000.  This can help pay some bills, but might not cover everything.  This is going to be one were you will probably have to be passionate about it.  On average 50,000 people join annually for more than 2,100 non-profit organizations, public agencies and faith related organizations.

Peace Corp

This option will give you up to a 70% reduction on your student loans if you provide some good behaivor and it will help defer student loan payments.  This will allow you to travel abroad and see some amazing situations around the world as far as the struggles people face that we take for granted.  Many of these opportunities will allow for you to make a great impact in other people’s lives.

Social Services

These are some of the best options that you can have.  There are plenty of loans that can be erased off the records because of your involvement in law enforcement, assisting with disabled, medical field positions, or assisting low-income individuals find jobs and housing.  The impact of these jobs are extensive on other people’s lives as much as yours.

Military

This tends to be a little dangerous and please don’t do this just to get your loans taken care of.  Realize the risk of what you are doing.  If you don’t then take a look at CNN.  This can be a great place to create discipline if you are looking to get a little regimented.  This can help take care of student loans and you can get paid very well for standing in the line of fire.

Physical and Occupational Therapy

What you will notice is that with all of these options there are many ways to get forgiveness if you provide a need that our government is desperate for and this is one area.  There are many therapist fields that are high in demand and the supply is low.  This is another example of providing a needed skill for a little student loan help from Uncle Sam and large companies.  Trust me when I say that hospitals and health-related organizations tend to have good money.

Law School

This tends to be nearly $100,000 of debt.  Yikes.  Well this is like a small mortgage and I am sure you probably will have undergraduate debt too.  Take the time to breathe first and then use all of your great studying skills that you learned to find Law Schools that provide loan forgiveness for non-profit and public interest positions.  This might not be glamorous, but it will get you out of the hole you are in faster, unless you have a smokin’ law firm offer.