Student Loan Forgiveness Paths

Students who have taken out student loans to fund their college education should know that it is possible to have part or all of their educational loan cancelled under certain circumstances.

Paths for Student Loan Forgiveness

• Perform military service
• Perform volunteer work
• Teach in certain communities
• Practice medicine in certain communities

Volunteer Work

To meet the requirements for student loan forgiveness under the volunteer work guidelines, you can volunteer with AmeriCorps for 12 months and receive up to $4725 that can be applied toward your loan(s) in addition to stipends.

The Peace Corps also offers guidelines for student loan forgiveness. Individuals may receive a partial cancellation of Perkins loans based on number of years of service. 15% is of loans are cancelled for each year of service, up to 70% in total.

Volunteers in Service to America , VISTA , also offers a program for student loan forgiveness. Volunteer 1700 hours of service and receive $4725 that can be applied towards your student loan forgiveness.

Military

Students who serve in the Army National Guard may be eligible for student loan forgiveness offers up to $10,000.

Teaching

Students who choose to teach after graduation in communities that serve low-income families may receive partial student loan forgiveness for Perkins loans. 15% of the loan is forgiven for the first two years of teaching service, 20% forgiven for the third and fourth years of service and 30% for the fifth year of service.

Legal and Medical

Students graduating from law and medical school may also be eligible for a partial student loan forgiveness. Law students must work in non-profit positions or serve public interest to be eligible. Medical students must practice for a period of time in areas which lack adequate medical care; such as economically depressed regions or remote areas.