Many college students are struggling to pay back student loan debt due to lower paying jobs and difficulty in finding a job in this economy. The average college student graduates with over $20,000 in student loan debt and many also have credit card debt.
It can take an entire lifetime to pay back student loan and credit card debt if you just send in the minimum monthly payment. Some common solution are to live below your means, work multiple jobs, work overtime or live at home with your parents for as long as possible. However, there is another alternative, student loan forgiveness programs.
High school math and science teachers, and elementary and high school special education teachers who agree to work in low-economic areas for five years can get up to $17,500 forgiven in Stafford loans. The teachers have to teach full time for five consecutive years.
Visit the U.S. Department of Education website and complete the Cancellation and Deferment Option for Teachers form to see if you qualify.
The Office of Personnel Management (OPM) offers a Federal Student Loan Repayment Program the allows any federal agency to forgive up to $10,000 annually for your federal student loans up to a maximum amount of $60,000. For further details call OPM at 202-606-1800 or visit their website.
You can do volunteer work by joining the AmeriCorps, Peacecorps, or Vista. You can also get a job in a public service industry such as military service, public health, social work, emergency management, government, public safety, law enforcement, public interest law services, or child care.
If you have a Perkins loan you can have the loans discharged if you served in the U.S. Armed Forces. If you served in a hostile area or war area you can get fifty percent of your Perkins loans forgiven. More information about student loan forgiveness programs can be found at the FinAid website.
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