Student Loan Forgiveness Programs for College Graduates

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Student Loan Forgiveness Programs for College Graduates
Student loans are often necessary to finance a college education. However, many graduates find it difficult to repay student loans after graduation.

While there is a grace period of six months before graduates must begin repaying loans, in today's job marketplace it may take longer to secure employment and often a new graduates begin at low salaries making it difficult to repay student loans.

Student loan forgiveness programs will officially "forgive" all or part of the loan amount, which means that that amount does not have to be paid back. There are student loan forgiveness programs for teachers, nurses, doctors, lawyers and other professions.

Student loan forgiveness may be possible for teachers by working full-time in an elementary or secondary school in low-income communities. Many education majors and others preparing for a teaching career take out Perkins loans. If a teacher meets certain qualifications it may be possible to cancel the entire Perkins loan. Perkins loans are provided by the individual college or university, so graduates will need to contact the financial aid department of the college attended to get information on debt forgiveness.

Heath care workers and medical professionals may also qualify for student loan forgiveness programs. Working in low-income communities or areas with a shortage of medical personnel is one way of qualifying for some programs. Health professionals can also have a set amount repaid on their behalf if they are conducting medical research through a special program offered by the US National Institute of Health.

Graduates of a variety of disciplines may consider the Americorps and Peace Corps volunteers student loan forgiveness programs. Americorps volunteers help in many areas of community service receive an education award of $4,725 for a year of full-time service which can be to repay a student loans.

Peace Corps volunteers are eligible for a 15 percent cancellation of their outstanding student loan balance for each year of Peace Corps service. Additional educational and financial benefits are available.

If you have large student loan balances, check into the many student loan forgiveness programs available in employment and volunteer opportunities that can help you reduce your debt.

Michael Carter is a contributor at http://CollegeFinancialAidGuide.com an online informational resource for educational funding, scholarships and student loans. Find out about more student loan forgiveness.

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Student Loan Debt

Student loans are financial aids taken for the purpose of education. They have to be repaid with interest once graduation is completed, and the repayment schedule begins from six months after graduation. Loans are disbursed to either students or their guardians by the federal government, banks, private moneylenders or the school itself. Most loans have 10-year repayment periods and their rates of interest change on the 1st of July every year.

There are different types of loans available to the students - Stafford loans, Perkins loans, PLUS loans and private educational loans.

Stafford loans are disbursed by the federal government. To be eligible, the student must be enrolled in an accredited educational institution at least half-time. The student begins repayment after completing graduation. Stafford loans may be subsidized or unsubsidized. In a subsidized loan, the interest is charged only when the student begins repayment; but in an unsubsidized loan, the interest begins from the day the loan is disbursed. Commencing from July 1, 2005, the rate of interest on a Stafford loan is 5.30% for the repayment period and 4.70% for the grace period.

Perkins loans are disbursed by the school rather than the federal government. Again, a student must be enrolled in an accredited education institution at least half-time to be eligible for it. A Perkins loan charges lower interest rates than a Stafford loan, about 5%.

PLUS loans are loans taken by the parents for their children's educational needs, if the children are dependent. The student must be enrolled in an accredited educational institution at least half-time to be eligible. Parents are responsible for the repayment of PLUS loans. A Perkins loan is a low interest loan, charging rates of interest from 4.17% (it may go up to 6.10%, depending on the period of repayment).

Private loans are given by banks and private moneylenders. They charge a high rate of interest and there is less flexibility in their repayment methods. The rates of interest differ from one lender to another.

Students can take different types of loans for their education at the same time. Several loans can be consolidated into a single loan with a single repayment plan to avoid confusion. These consolidated loans also help in reduction of interest rates.

In the United States of America, at least 66% of the undergraduate students are using some kind of student loan to complete their educations. In the year 2003-2004, undergraduate students borrowed $19,202 per annum on an average in Stafford and Perkins loans. The average came to $23,814 if PLUS loans are also taken into account. The average figures for graduate students were even higher. Every year there is an estimated 3% increase in the amount of average loans taken.

Student Loan Debt provides detailed information about student loan debt, student loan debt consolidation and more. Student Loan Debt is affiliated with Debt Consolidation Loan Online.


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Student Loan Forgiveness Programs for College Graduates
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