Loan forgiveness involves having a part or all of a federal student loan canceled. It is a resource for those who have received any type of federally offered or guaranteed student loan in the past, but who then find it impossible to pay it back. If you become disabled, the chances of having part, or all, of your loan erased are high. However, this is not why most pursue loan forgiveness. Serious debt is the primary reason former students seek relief through this program.

If you plan to seek help through the Government Student Loans Forgiveness Program one of two things will be required of you – a significant commitment to volunteerism, or entering the military. The types of volunteering that qualify an individual to have loans forgiven center on community service at home or abroad. Examples include joining a government sponsored program such as AmeriCorps, VISTA, and the Peace Corps.

Enlisting in the military in an active duty role may qualify you for relief since each branch has a loan forgiveness program. Joining the Army Reserves or the National Guard will also provide opportunities for loan forgiveness.
Besides these most common options, becoming a teacher, medical personnel, or lawyer, and then choosing to work among under-served populations may qualify you for loan forgiveness. Teaching in a low-income area, working in a free medical clinic, or becoming a public defender is viewed as choosing service over financial compensation, and the government rewards that with loan forgiveness.

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Filed under: Student Loans