Here is a list of ways to free yourself from student loans. Feel free to give us a call at 1-818-384-4040 to find out more.
The Public Service Loan Forgiveness (PSLF) Program forgives the remaining balance on your Direct Loans after you have made 120 qualifying monthly payments under a qualifying repayment plan while working full-time for a qualifying employer.
1. Loan Forgiveness Programs for Health Care Professionals
If you’re a doctor or a nurse, there is probably somewhere in the country where you could get a significant amount of your student loans forgiven in exchange for your service. From federal programs like the Health Professionals Loan Repayment Program that helps health care professionals serving in the military repay up to $50,000 in loans per year of service, to the Maine Dental Loan Repayment Program which pays up to $20,000 a year for serving an underserved area, there are many ways to get your loans repaid.
2. Perkins Loan Cancellation & Discharge
Did you get Perkins loans to pay for college? Well, then that’s good news for you. Borrowers of Perkins loans can have their entire debt forgiven after five years if they fit certain criteria. The professions that qualify for forgiveness are fairly broad and include anything from an attorney to a librarian, to even a speech pathologist.
3. Teacher Loan Forgiveness Programs
Great news if you’re a teacher who is willing to work in underserved areas – there are several student loan forgiveness programs tailored to you. Many states offer awards specifically to draw teachers to underserved areas. Not only can you make a difference, but you can pay off your student loans while doing it.
SponsorChange.org is a nonprofit organization that helps graduates pay off student loans in return for volunteer work. Donors give money to projects or nonprofits to help them recruit volunteers and those volunteers get great work experience while also lessening their student loan burden.
5. Total and Permanent Disability Discharge
While no one plans to be disabled, it’s good to know that if you have a terrible accident that your student loans could be forgiven. If you have a condition that prevents you from working that has lasted for more than 60 months or can be expected to last for more than 60 months, then you may be able to get your student loans discharged.