Student Loan Forgiveness

Loan Forgiveness for Students

Due to the rising cost of education, borrowing money has become a very common pratice for most students.  However, the great news is that students can qualify for loan forgiveness also known as loan cancellation under certain circumstances.  Federal Governemnt permits loan forgiveness if the student is engaged in one of the following activities:

            • Volunteering
            • Military Service
            • Healthcare services such as medicine and nursing in underserved communities
            • Teaching in underserved communities
            • Legal Studies

Certain other circumstances such as death may lead to federal loan forgiveness as well. 

Student Loan Forgiveness for Volunteers

Students volunteering with AmeriCorps for 12 months or more can get more than $10,000 to payoff their student loan.  Students volunterring with Peace Corps can defer repayment of student loans under several federal programs, i.e., Stafford (formerly known as guaranteed student loans), Perkins, direct and consolidation loans. Volunteers with Perkins loans are eligible for a partial cancellation benefit. Fifteen percent of your Perkins loans can be cancelled upon the completion of each 365 days of service during your first two years of service, and 20 percent can be cancelled upon completion of each of the third and fourth years. Therefore, four full years of service would equal a 70 percent cancellation of your existing loan.  By serving through VISTA, students can receive either an education award worth $4,725 to pay for college, or $1,200 in cash to pay for college. 

Student Loan Forgiveness for Military Men and Women

Students serving the Army National Guard may qualify for thousands of dollars in education credits, grants, scholarships and loan forgiveness. 

Loan Forgivness for Teachers

 Teachers may qualify for loan forgivness or reduced service obligations by meeting certain criteria.  Students can learn more about this opportunity by visiting our Loan Forgiveness for Teachers article. 

Loan Forgiveness for Healtchare

Healthcare professionals such as Nurses may qualify for federal loan forgivness program.  Stduents can learn more about this opportunity by reading our Nursing Loan Forgiveness article. 

Loan Forgiveness for Public Service

Students who are in public service including law enforcement, armed forces,  public child care, public library services, public health and social services may qualify for loan forgiveness