| If loans are a part of your solution
to paying for school, you will have to repay them in
monthly installments after you leave school. The federal
government may cancel all or part of an education loan
under certain circumstances.
View examples of loan forgiveness programs. Many states
also offer similar programs.
AmeriCorps
AmeriCorps is a network of national service programs that engage more than 75,000 Americans each year in intensive service to meet critical needs in education, public safety, health, and the environment. Through AmeriCorps, students can receive money to help pay for school. Serve full time, usually for a term lasting 10–12 months, to be eligible for an education award of up to $4,725. Working part time offers eligibility for a partial award.
Volunteers
in Service to America (VISTA)
Part of AmeriCorps, VISTA focuses on empowering
people in low-income areas. By volunteering at least
1,700 hours with private, nonprofit groups that help
eradicate hunger, homelessness, poverty and illiteracy,
students can receive $4,725 from VISTA toward repayment
of student loans, as well as a living allowance and
deferment of their loans. Volunteers work as community
organizers, recruiting volunteers, raising funds or
helping develop new programs.
Teach
for America
Each year, Teach for America selects 2,000 recent college
graduates for training to become full-time teachers
in urban and rural public schools. These teachers receive
a salary, health benefits and insurance similar to that
of other beginning teachers. They also qualify to receive
forbearance on student loans and an education award
of $4,725 for each year of service, which can be used
for student loans or toward future education.
Peace
Corps
" The toughest job you'll ever love" will
allow you to defer repayment on student loans under
several federal programs, i.e., Federal
Stafford, Perkins, PLUS, or Direct Loans. Volunteers
with Perkins loans are eligible for a 15% cancellation
of their outstanding balance for each year of Peace
Corps service.
National Defense Education Act
If you become a full-time teacher in an elementary
or secondary school that serves students from low income
families you could have a portion of your Federal
Perkins Loans forgiven. Contact your school district's
administration to see which schools qualify under this
program.
National
Health Service Corps
This program repays up to $25,000 a year of health professionals’
student loans if they work in under-served areas. Recipients
also earn a competitive salary and some tax benefits.
Applicants must be fully trained allopathic or osteopathic
physicians specializing in:
- Family medicine
- General pediatrics
- General internal medicine
- General psychiatry
- Obstetrics/gynecology
Other professionals who qualify:
- Primary care nurse practitioners
- Primary care physician assistants
- Certified nurse-midwifes
- Dentists
- Dental hygienists
- Mental or behavioral health professionals (clinical
psychologists, clinical social workers, licensed professional
counselors, marriage and family therapists and psychiatric
nurse specialists)
Recipients must serve full time, commit to working
in an underserved area for at least two years and be
U.S. citizens.
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