With the rising costs of education, many college students have turned to both government backed and private loans to fund their education. Unfortunately, due to economic shifts in the job market, finding full-time jobs that allow new graduates to pay for the necessities of life and student loan payments has become more difficult as competition in the market has increased. Fortunately, some graduates will be able to pay down some of their debt through debt forgiveness programs.
The National Defense Education Act
The National Defense Education Act was a measure passed by Congress to entice qualified teachers to teach in lower-income areas and school districts that can not afford to pay the higher salaries that are offered in wealthier districts. Teachers who comply with the Act are eligible to have a portion of their federal student loans forgiven each year.
Volunteer Work
College graduates may be eligible to have a portion of their loan forgiven if they volunteer their time with a non-profit agency. AmeriCorps, the Peace Corp and Volunteer in Service to America each have separate programs set up to provide for stipends and student loan forgiveness in exchange for a substantial commitment of service hours.
Military Service
In 2011, college students and graduates who enroll in military service may be eligible to have up to $10,000 in federal student loan debt forgiven. Members of the military may also be eligible for the GI Bill and the Financial Aid for Veterans and Their Dependents Program. These programs offer to cover a substantial amount of educational expenses in exchange for military service.
Public Service
Certain types of college and graduate students in the medical and legal fields may be eligible for student loan forgiveness for working in the public sector or for a non-profit agency. These programs are available through agencies such as Equal Justice Works, the American Bar Association, the U.S. Department of Health and Human Services and the U.S. National Institutes of Health.
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