Eliminate Student Loan Debt with These Programs

There are programs to help eliminate student loan debt, in exchange for some type of community or military service. This article gives a quick overview of how these programs work.

Each year, millions of young men and women use student loans to pay for college. And many of them graduate with a new diploma … and mountains of debt. The effects can be far reaching. You’re just starting out in the world, and already you’re in a financial bind. But many graduates don’t realize there are ways to reduce or eliminate student loan debt by doing volunteer work.

In the financial world, it’s referred to as loan forgiveness. The student performs some kind of community or military service, and they have some (or all) of their student loan balance forgiven. There are several different paths you could take to eliminate your debt in this manner. You could qualify by (A) teaching in low-income communities, (B) performing certain types of community service, or (C) serving in the military. These aren’t the only paths to student loan forgiveness — just some of the most popular.

Of course, there are other stipulations as well. You probably knew that was coming. The federal government is usually the entity that forgives the debt, so you’ll have an easier time qualifying if you have a federal Perkins or Stafford loan. If you used one of these programs to pay for college, then you should consider yourself lucky. There’s a good chance you can eliminate your student loan debt through a forgiveness program, and you’ll have more ways to do it.

If you used a private student loan, then you’ll have fewer options for eliminating your debt. Sorry, but that’s just the reality of it.

Learn More About Eliminating Your Debt

If you want to learn more about these programs and find out if you qualify, I recommend starting at www.FinAid.org. Do a search for loan forgiveness, and you’ll find a lot of information about the various programs, eligibility requirements and more.

You can also learn more by visiting the Stafford Loan website (www.StaffordLoan.com), the Sallie Mae website, and the Federal Student Aid website.

Note: This is a long-term strategy to help you eliminate debts from student loans, and is by no means a “quick fix” solution to the problem. There are no quick fixes. Some of the service requirements for loan forgiveness are up to ten years in length. Of course, some people carry this kind of debt well beyond ten years, so it’s still a viable option worth considering.