How to Find Student Loan Forgiveness Programs

If you've got a hefty student loan debt, but are unable to repay it because you're experiencing financial difficulties, consider a student loan repayment or loan forgiveness programs that will help you reduce student loans. Consider these options to find student loan forgiveness programs that you can use to pay down or eliminate student debt.

Instructions

1. Discover ways to find student loan forgiveness programs for teachers through the "Student Aid on the Web" section of the Department of Education (Studentaid.ed.gov). If you have a Federal Perkins loan, you'll qualify for student loan repayment options if you currently teach special education, teach a subject with a current teacher shortfall or work at a school dedicated to low-income students, for example.

2. Try volunteering if you're trying to find student loan forgiveness programs and have the time and aspiration to help others, as well. You may have up to 70 percent of the student debt eliminated after four years of volunteering with the Peace Corps (PeaceCorps.gov) for certain types of federal student loans. You'll also receive a living stipend and funds to partially repay student loans after volunteering with AmeriCorps for one year (Americorps.org).

3. Uncover a current student loan repayment or forgiveness program for medical student loans through the listing compiled by the Association of American Medical Colleges (Services.aamc.org). If you don't find a state or federal option on the list that can assist you, consider talking to your financial aid counselor about additional options or modifications you can make to your training or practice to meet a program's qualifications.

4. Contact the school that issued your student loan to determine if your current career and years of service qualify you for student loan forgiveness. If you received a Federal Perkins Loan, for example, working as a full-time nurse, law enforcement officer or staff member of a Head Start program may qualify you for student loan forgiveness up to one hundred percent of the loan.

Tips & Warnings

• Be sure to look into all of your student loan repayment options before selecting one since some programs may render you ineligible if you've already accepted another option to forgive student loan debt. If you're seeking forgiveness for your Stafford Loan, for example, you may not qualify if you've already accepted benefits from AmeriCorps.

• If you can't find student loan forgiveness programs through a qualified organization, consider additional student loan repayment options. You may be relieved of student debt if you are disabled and unable to work or if you weren't able to finish the program because the school shut down shortly after you enrolled, for instance.