After graduating from college many people are left with student debts. These debts can be anything from loans to credit cards. Many people who took out student loans tried to get a federal student loan before attempting to get a loan from a private loan provider. Federal student loans not only help you get your college education but they can even help you not have any debt. You may be asking yourself how that is even possible. Most people when they took out their loans thought they would have to pay this money back without a doubt, but that is not necessarily the case. Thankfully there are actually federal student loan forgiveness programs. That does not mean that everyone qualifies but for those that do it can relieve a great financial burden.
If forgiveness is not an option because you don’t qualify one option for reducing your monthly payments is federal student loan consolidation through either a private company or federal.
One big way to give your loans forgiven is volunteer work. The AmeriCorps and Vista who often work together are two places that not only really need your volunteer work but also provide loan forgiveness. They have numerous things a person can do plus depending what you do for AmeriCorps they will even give you a small income for living during your time of service. Not to be left out is the Peace Corps, who also provide great opportunities of volunteer work to receive federal student loan forgiveness. Each of these places provides a different amount of help. The AmeriCorpsoffers up to twelve thousand dollars for a year of service in between student loan forgiveness and living allotment. The VISTA program is ran a little differently without the living allotment and will provide up to four thousand seven hundred and twenty-five dollars if you work seventeen hundred hours in volunteer work for them. Lastly in the volunteer group is the Peace Corps. The Peace Corps can provide up to seventy percent of forgiveness on your federal student loans but they only provide a forgiveness rate of fifteen perfect per year. The biggest benefit of using any of these programs for student loan forgiveness is not only getting your loans paid off or much lower but for the opportunity to really help in the world.
The second way to receive federal loan forgiveness is through working in certain fields. These fields can include the following careers:
- law enforcement
- parole worker
Most of these include at least five years of service in the field and working in a community or area that is in need. The other way to receive federal loan forgiveness in these fields in working in non-profit organizations. The amount you can actually receive varies greatly depending on the state you are working in and even by the college you graduated from. If you are in any of these fields it is important to contact the organization for the field to find out all the forgiveness options that are available to you.
In closing there is just so much money out there that people do not know about. College graduates focus so much on their education that once they graduate they are often left with a pile of bills and no job. Do not let yourself fall into that trap. When graduation is coming or even once you graduate look at all the options of federal loan forgiveness. There are so many and especially upon graduating many have an open schedule that would allow for some great volunteer work to improve their resume and pay of some of that pesky student debt.