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Student Loans Forgiveness Programs: What are These?

Federal loans have to be paid back. If you are no longer attending college or you just graduated from college, you have to repay what you owe on your student loans. If you are unemployed or underemployed payment options for your student loans also vary. Under certain circumstances, student loan forgiveness offers few option either part or all of your loans be forgiven.

There are 3 different organizations for partial or total loan forgiveness allowed by the federal government if the borrower volunteers. Volunteer up to 12 months in Americorps gives you a loan repayment of $4725.00.

When you choose to be part of the peace corp, you will be granted a loan repayment depending on the length of service. With the 70 percent maximum amount to be forgiven and the minimum is 15 percent, each year under volunteer status.

Working as volunteer in VISTA gives you a partial student loan forgiveness. $4725.00 loan repayment will be given by VISTA while working as a volunteer for 1700 hours.

Depending on the length of service, student borrower can join the Army National Guard then receive up to $10,000 for your student loan repayment.

If you have the calling to become a teacher, then you can become a teacher, teaching in a certain population with low income students. Teachers are forgiven with their student loans at a 15 percent rate for the first 2 years of teaching, 3-4 years you will be given 20 percent and on the 5th year, you will be forgiven at 30 percent.

If you are a teacher employed in Mississippi with teacher shortage, you are qualified to apply for a teacher repayment loan plan.

If you are a law school loan borrower and is currently working in a public interest law position or non profit firm, you may be qualified to apply for a loan forgiveness.

American Association of Medical Colleges or AAMC has all the lists of all medical student loans that doctors and nurses can apply if they are working in areas that do not have access to proper medical care. These are programs provided by the US Department of Health and Human Services.

In Alaska, educational loan repayment are given to those who are granted a Michael Murphy Loan. If one of you field of study is Penology, Parole, Probation or Law, you can receive a loan forgiveness at a rate of 20% every year working as an Alaskan State Trooper.

This are better ways on serving you state or country while paying for your student loans. Working in a public sector can open more opportunities while paying of your student loans.

Source: http://www.theiemommy.com/2016/03/16/great-advice-sending-kid-college/