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Student Loan Forgiveness Programs
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Article on Student Loan Forgiveness Programs
Student Loan Forgiveness Programs provide an opportunity for the full or part value of a student loan to be discharged. There are several routes by which a loan can be cancelled, often involving public service activities.
Qualifying Public Service Institutions
Organisations that may qualify the student for forgiveness include non-profit organizations, federal, state, local or tribal organizations, public child or family service agencies, law enforcement, public health, public library or school library services, and emergency management.
Forgiveness Programs through Teaching
Teaching in a low-income elementary or secondary institution after graduation may qualify students for cancellation of a large part of their loan, with up to 30% of a Perkin’s Loan discharged after five years service. The school district’s administration will be able to advise on which schools qualify for this program.
Does Volunteer Work Qualify?
Students volunteering for certain organizations such as AmeriCorps, Peace Corps and Volunteers in Service in America (VISTA) may qualify for forgiveness programs. Conditions apply such as length of service and caps as to how much of a loan can be discharged. Students practicing law and serving in non-profit, public aid positions may qualify for Student Loan Forgiveness Programs and should contact the National Association for Public Interest Law to find out more.
The Military and Medicine
If students are involved in military service they may qualify for loan cancellation. The Army National Guard has its own Student Loan Repayment Program, offering up to $10,000, for example. Teaching or practicing medicine for a set period of time in certain low-income, deprived communities can make a student eligible for loan forgiveness. Groups include the National Health Service Corps.
School-Related Cancellation of Loans
If a student’s school closes before the program is completed or if the school falsely certified eligibility for a student to get the loan they may qualify for loan forgiveness. Additionally, loans may be discharged if it was falsely certified through identity theft or if, after withdrawal from the school, the school did not pay a required refund according to their written regulations.
Other Qualifying Circumstances
If the student becomes totally and permanently disabled after the loan was taken then they may qualify for loan cancellation. A certificate of verification from a doctor will be required and there is currently also a three-year conditional discharge period. Upon the death of a student the family can submit a copy of the death certificate to the Direct Loans Servicing Center and should be eligible for the Student Loan Forgiveness Program.
What does not qualify for Student Loan Forgiveness?
If a student does not graduate, and it is not due to the school’s closure, or if employment in the field of study cannot be found, then the student must still repay the loan. If the student files for bankruptcy then their loan may be discharged, although they will have to prove that paying it back would lead to undue hardship, and in most cases this is not accepted.
Student Loan Forgiveness Programs offer an excellent opportunity for students to relieve themselves of their debt and contribute to the good of the community.
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