College Student Loan Forgiveness
All those college loans can pile up on you every quickly if you don't pay every close attention to them. But if you need help paying them off then here are some options you might be interested in.
Several options for reducing your debt:
1) Americorps. In the domestic arm of the Peace Corps can offer you up to $7400 for living and $4725 for education with awards being given at the end of a full years service. This money can be used either way for paying off loans or paying for college.
With being a every rewarding job as you help others and clean up the environment you still get about $616 a month for living expenses.
2) Peace Corps. If you want to go overseas in a number of countries where conditions can be rough but the rewards are incredible. Volunteering each year can reduce loans by 15% for the first two years and than a 20% reduction the third year and forth year. That adds up to a 70% reduction on your loans while seeing the world.
3) Military. Service in the military can qualify you for financial assistance for college tuition while recieving pay at the same time. Students who serve in the Army National Guard, however, may be eligible to receive up to $10,000 through their Student Loan Repayment Program. The best way to find out about the program and your eligibility is to call your local recruiter and they will be able to take you through everything.
4) Teaching. It is possible to be eligible for cancellation or deferment of certain loans if you teach in designated school systems. To qualify, these teachers must:
If you qualify to teach under any of the three conditions listed above, you may qualify to have up to 100% of your loan reduced in proportion to how long you teach. You can have 15% of your loan cancelled after your first and second years of service, 20% after the third and fourth years, and 30% after your fifth year.
Several options for reducing your debt:
1) Americorps. In the domestic arm of the Peace Corps can offer you up to $7400 for living and $4725 for education with awards being given at the end of a full years service. This money can be used either way for paying off loans or paying for college.
With being a every rewarding job as you help others and clean up the environment you still get about $616 a month for living expenses.
2) Peace Corps. If you want to go overseas in a number of countries where conditions can be rough but the rewards are incredible. Volunteering each year can reduce loans by 15% for the first two years and than a 20% reduction the third year and forth year. That adds up to a 70% reduction on your loans while seeing the world.
3) Military. Service in the military can qualify you for financial assistance for college tuition while recieving pay at the same time. Students who serve in the Army National Guard, however, may be eligible to receive up to $10,000 through their Student Loan Repayment Program. The best way to find out about the program and your eligibility is to call your local recruiter and they will be able to take you through everything.
4) Teaching. It is possible to be eligible for cancellation or deferment of certain loans if you teach in designated school systems. To qualify, these teachers must:
- For Perkins/NDSL loans made on of after July 1, 1987, teach in an elementary or secondary school that serves low-income students.
- For Perkins Loans made on or after July 23, 1992, teach in an elementary or secondary school system with a shortage of teachers in a certain subject area.
- For Perkins/NDSL loans made on or after July 1, 1987, teach disabled students in a public or other nonprofit elementary or secondary schools.
If you qualify to teach under any of the three conditions listed above, you may qualify to have up to 100% of your loan reduced in proportion to how long you teach. You can have 15% of your loan cancelled after your first and second years of service, 20% after the third and fourth years, and 30% after your fifth year.
You don't have to be in debt forever - or at least, a good portion of your adult life - if you're willing to take on any of the activities detailed above. Do a little research and you might find some rather interesting ways to help pay off that loan.
Labels: college loans, loans
posted by Jared Wash at 8:29 PM
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