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College Loan Forgiveness Explained

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Authored by Emeka Justice in Financial Aid
Published on 10-12-2009

You spend what seems like a lifetime raising your children. You have spent more money than you can imagine on clothes, doctors visits, cars, car-pooling, and all the extras curricular activities just so your children can get the right start in life. When all of that is done you will need to most likely take out a second mortgage on your home just to pay for college.

What if there was a way to wipe your college debt away? No, this is not some dream but a reality for some people. While it is something that is very hard to accomplish, it can happen. The way you do this is through a College Loan Forgiveness program. This essentially takes all your college debt away, but there are steps to the process that you must clear first in order to qualify.

For instance, some of the reasons why you would qualify for a College Loan Forgiveness would be if you became completely disabled, or if your college stopped operating before you finished your courses or the beneficiary of the loan dies. These are just a few of the reasons why you may qualify to have your college debt forgiven.

While these qualifications may seem quite dire, there are many people out there that qualify and just don’t know it or understand it. The best way to look at it is you would qualify when you have events that are outside of your control taking place. For instance, how often have you heard of someone finishing school only to realize that the instructors were not qualified or the school was not above board? These issues were beyond your control and therefore may qualify you to have your loans forgiven.

Also, even if you do not qualify for a full forgiveness there are even ways to get partial forgiveness of your college loans. One great way is to work for the federal government. With programs out there like VISTA, and even AmeriCorps you will find that getting a portion of your loans taken care of will be a huge help. The list of eligible programs grows every year. With AmeriCorps and VISTA you can earn up to $4,725 towards your loans. Other programs such as Teaching for America you can also earn up to $4,725 towards college loans. However, if you went to school for medicine, there are even higher rewards towards your college loans.

When you enroll with the National Health Service Corps and work in under served areas, you can get up to $25,000 a year off your loans. We all know just how expensive medical degree bills are and these programs can really help you out if you find you are struggling to get those loans paid off.

Earning your degree and finding a good job should not be so hard and getting those bills paid after college should not be hard either. This is why there are programs out there to help you like College Loan Forgiveness. All you need to do is contact one of these programs and get started on living your life again.

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