Got a lot of Student Debt? Try Loan Forgiveness

It’s difficult enough entering into the real world without having to worry about paying back thousands upon thousands of dollars in student loans in the years after we graduate. It’s best to think of that money as an investment more than an evil, insurmountable debt that is going to be attached to our backs for years. But there are some options to lessen that weight in the forms of loan forgiveness.
If you aren’t familiar with the process, loan forgiveness is the cancellation of all or part of your student loans if you decide to go into certain charitable fields for a certain amount of time. Below is a list of some areas that offer loan forgiveness, but it’s not comprehensive. In fact, if you go into some sort of public service upon graduation, it wouldn’t hurt to consult the Human Resources department to see if your job qualifies for the program. Also, the military offers numerous loan repayment programs.
Volunteering
Americorps A year of service gets you up to a $7400 stipend and around $4500 to use against a loan.
Peace Corps Volunteers can get a loan deferment and up to 70% loan cancellation.
Teaching
The American Federation of Teachers has a list of scholarship and loan repayment programs by state. Usually they are given to teachers working in low income areas. If you are interested in this program, contact your school district to see what schools are eligible. The government website on the program also has a lot of good information.
Law/Medicine
If you are going to Law or Medical school, chances are your loans are going to be fairly staggering. Much like teaching, however, going into a public interest or not for profit field could be grounds for loan forgiveness. This website has information on the program for law.
There are many resources for nurses, therapists and doctors who work in low income areas or are doing clinical research as well. Here is a list of programs by state.
There is tons of information on loan forgiveness that you can find by doing a google search. You should also consider federal loan consolidation to cut back on your payments and if you work for your state, check and see if your agency offers a Student Loan Repayment Program. It’s not technically a loan forgiveness program, as your employer will pay back part or all of your loan as a recruitment incentive.

Candy Dish: it’s Barack O’MANIA!!
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