Some Practical Avenues for Accessing Student Loan Relief
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Federal student loan forgiveness refers to the arrangement by the federal government to cancel a student loan, in part or whole under certain conditions. If a former student relied on a federal loan to fund their collage or post-college education, and they wish to have the loan forgiven, they need to meet certain qualifications. Below are some of the ways a former student can qualify for student loan forgiveness by the federal government:
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Participation in Volunteer Work
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There are numerous organizations that facilitate federal student loan forgiveness when a student that took a federal loan to fund their education serves them. For example, volunteers that have joined the Peace Corps may apply for the Stafford loans deferred. Another option includes deferment or partial cancellation of a certain percentage of Perkins loans.
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Volunteering in Service to America can also get you to qualify for student loan forgiveness. If you join the organization, you'll be deployed to any one of selected NGOs that focus on social issues like poverty and illiteracy.
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Military Service
Enlisting in the Army National Guard could also see you qualify for the forgiveness of the educational loan you took as a student.
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Teachers
If you're student with an outstanding federal loan and you now teach full time at a school with a predominantly low-income student body, the National Defense Education Act provides for the pardon of a part of your Perkins loan.
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Other avenues include pardon for law enforcement students employed as State Troopers for Alaska, State and federal workers in the state of Maryland whose earnings do not exceed a specified limit, some law school forgiveness programs, and programs from the US Department of Health and Human Services.
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With that said, there may be many avenues you may utilize and qualify for student loan forgiveness, but you need to commit your time to research. It will also be important to figure out what programs you qualify for before you can start applying.
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It may also be in your best interest to research about the impact your loan forgiveness can have on your tax obligations. In such a case, you may have to talk to your financial consultant or tax attorney about. Just be sure you understand the financial implications of any student loan forgiveness program you're signing up for.
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Certainly, student loan forgiveness programs help lift a heavy burden from the backs of many selfless former students that are willing to help needy members of the society in different ways. Take a look at this link http://www.ehow.com/how_7469976_loans-forgiven.html for more information.