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A Guide to Understanding Student Loan Forgiveness Programs One of the most frightening things about graduating from college is the possibility of paying back the student loans that you took to finance your studies. Many students have no idea that there are lots of loan forgiveness programs available that can help clear all or part of their educational loans for free. In order to qualify for such programs, you must meet some criteria, such as working in a specific professional, doing volunteer work, or accepting to work for the less fortunate for an agreed period of time. Student loan forgiveness programs can range in value from a few thousand bucks to well over a hundred thousand bucks, depending on your loan amount and which program you decide to apply for.
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As many students don’t even know that these programs exist, most of the programs don’t receive many applications each year, leaving thousands of dollars unused. If you want your educational loans eliminated as soon as possible so you can get a clean slate in life, read on to find out how to get help.
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Student loan forgiveness and student loan repayment are two different programs. They are a creation of the federal government meant to help students pay off their educational loans. Being a part of either program means that a portion or your entire educational loan is simply wiped out or reduced from the figure you owe. In contrast, repayment programs are more readily available compared to loan forgiveness programs and are meant for any type of loan, including private loans as well federal student loans. Generally, employers provide repayment programs by paying off their employees’ loans. To get a loan forgiveness program, begin by contacting the financial aid department of your school. If you decide to go into a profession such as law enforcement, nursing, or teaching, you can qualify for a loan forgiveness program so long as you accept to work under specific stipulations. This could be a great chance because it lets you start working in your chosen career immediately, helping you get experience while at the same time paying off your educational loans. For those who’ve recently cleared college, many employers in the above fields offer talented graduates repayment programs to motivate them, so make sure your potential employer lets you know about this as well. If you’re looking for volunteer-orientated loan forgiveness programs, contact PeaceCorps or AmeriCorps program. Both of these organizations will offer to pay a portion or your entire educational loan in return for volunteer service. Sometimes you may be done with volunteering while still in school, and many find the experience richly rewarding on an individual level. In addition, volunteering also boosts your graduate school and job applications, so there are plenty of reasons to choose loan forgiveness programs.