Student Loan Forgiveness - Do You Qualify
Below is a MRR and PLR article in category Finance -> subcategory Loans.
Student Loan Forgiveness: Are You Eligible?
Did you know there are several programs designed to help pay off all or part of your student loans? Student loan forgiveness is real, but many of these opportunities aren't well-publicized. As a result, many eligible individuals remain unaware that they could eliminate thousands from their loan balances.
Student Loan Forgiveness for Teachers
The Teacher Loan Forgiveness Program offers up to $17,500 in loan repayment for qualifying teachers. If you have an outstanding FFEL or Direct Loan balance as of October 1998 and have taught full-time for five consecutive years, you may qualify for $5,000 in loan forgiveness.
For those teaching mathematics, science, or special education, the amount increases to $17,500. More details are available at [StudentAid.gov](http://studentaid.gov).
Student Loan Forgiveness for Non-Profit Child or Family Services Employees
To encourage highly trained early childcare professionals, the government offers forgiveness of up to 100% of college loan balances for those working at eligible centers. If you have a degree in early childhood education and work full-time for two years at a facility serving families earning less than 85% of the state median income, you may qualify.
For more information, contact the Child Care Provider Loan Forgiveness support desk at 1-888-562-7002.
Student Loan Forgiveness for Law Enforcement Officials
Full-time law enforcement or correction officers can have their loans repaid by the government: 15% per year for the first two years, 20% for the third and fourth, and 30% for the fifth year of service.
Student Loan Forgiveness for Nurses and Medical Technicians
Generous forgiveness programs exist for physicians and RNs in underserved areas. The National Health Service Corps offers up to $35,000 per year of service. Learn more at [NHSC Loan Repayment Program](http://nhsc.bhpr.hrsa.gov/applications/lrp_ca.asp).
The Nursing Education Loan Repayment Program covers up to 60% of your loan balance if you serve two years in critical shortage facilities. Details can be found at [HRSA Nursing Loan Repayment Program](http://bhpr.hrsa.gov/nursing/loanrepay.htm).
Student Loan Forgiveness for Armed Forces
The Armed Forces Forgiveness Program offers up to $2,500 for those who served between September 11, 2001, and June 30, 2006. The National Guard provides up to $10,000 in loan repayment. More details are available at 1-800-GO-GUARD.
Student Loan Forgiveness for Volunteer Work
Volunteering in organizations like the Peace Corps, AmeriCorps, or VISTA can qualify you for loan forgiveness.
- Peace Corps: Volunteers earn forgiveness of 15% per year of service, up to 70%. Contact 1-800-424-8580 for more info.
- AmeriCorps: Offers $4,725 toward loans after a year of service. Call 1-800-942-2677 for details.
- VISTA: Provides up to $4,725 after 1,700 hours with poverty-focused organizations. Call 1-800-942-2677 to learn more.
Student Loan Forgiveness for Head Start Staff
Volunteering with Head Start helps low-income children and offers loan forgiveness. The state cancels 15% of your loan per year, up to 100%. More info is available at the [ACF Head Start Program](http://www2.acf.dhhs.gov/programs/hsb/).
Student Loan Forgiveness for Providers of Intervention Services
If you provide full-time services for disabled infants or toddlers, you may have your Perkins loan fully forgiven. The program must comply with the Individuals with Disabilities Education Act. For more information, contact your loan provider.
Discover More Student Loan Forgiveness Opportunities
Additional programs may exist at state or local levels, or through professional organizations. Check with your employer's HR department or organizations you’re involved with. You might save yourself or someone you know a significant amount! Feel free to share this resource.
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