by Artisttia Yarns

Created on: August 05, 2009   Last Updated: August 12, 2009

Those graduating with 4-year degrees are $30,000 - $40,000 in debt, according to Dr. Yohn of College Works 101. However, it is possible to reduce or eliminate your college debt through student loan forgiveness or repayment programs.

*Loan Forgiveness*

If certain criteria are met, the federal government will eradicate all or part of your student loan; this is called loan forgiveness. In order to qualify for the programs, participants must volunteer, provide military service, teach or practice medicine in specific types of communities. There are some additional

restrictions on the programs.

*Volunteer Work*

AmeriCorps.- This agency offers opportunities to assist with non-profit agencies, in communities, in various locals throughout America. The jobs are diverse in this agency and range from tutoring disadvantaged children to responding to areas devastated by natural disasters. Persons working with this group serve for 12 months. They receive up to $7400 as a stipend with an additional $4725 to be used for loan forgiveness. Their phone number is 1-800-942-2677.

Peace Corps.- Volunteers with this agency will be able to apply for deferment of Perkins, Stafford and Consolidations loans. For each year of service part of the Perkins loan will be forgiven; the maximum amount of forgiveness on this loan is 70 percent. In this agency, you will have the chance to work in different areas of the world as the Peace Corps serves in more than 70 countries. To volunteer with this group call the Peace Corp at 1-800-424-8580 or 1-202-692-1845.

Volunteers in Service to America (VISTA). This volunteer agency goal is end hunger, homelessness, poverty and illiteracy. For $4725 of loan forgiveness, you need to provide 1700 hours of service. Their phone number is 1-800-942-2677 or 1-202-606-5000.

*Army National Guard *

Being part of the National Guard provides up to $10,000 of student loan forgiveness through the National Guard's Student Loan Repayment Program. Other branches of the military and veterans associations provide assistance as well, for details see the section on Military Aid at the provided link.

*Teachers*

There are arrays of avenues open to teachers that offer loan forgiveness or special repayment plans. As many of these opportunities are state specific, the best to take advantage of these programs is to visit the website of the American Federations of Teachers. They maintain a current list of the various programs.

Stafford Loans and Perkins loans may be canceled

• 1
• 2
• Next Page >>