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Student Loan Forgiveness Programs: A Quick Guide 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. To be eligible for such programs, there are some criteria you must meet, including doing volunteer work, working in a certain profession, as well as accepting to work in an underprivileged community for a specific 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. The following information can help you out if you want to clear your student loans right away and get a fresh start in life.
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Student loan repayment programs differ from loan forgiveness programs. The federal government made them to help students pay back their college loans. Being in either program means a part or all your student loans are simply gotten rid of, or decreased from what you owe. Repayment programs, on the other hand, are more available than loan forgiveness programs and are used for any kind of loan including federal student loans and private loans. Generally, employers provide repayment programs by paying off their employees’ loans. If you’re looking for a student loan forgiveness program, you should begin by contacting your college’s financial assistance department. 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 can be an amazing opportunity since it allows you to get started on your chosen profession immediately, letting you gain experience while simultaneously paying back your student loans. For those who’ve graduated recently, many employers in those fields provide repayment programs to motivate gifted graduates, so make sure to ask about this from your potential employer too. For loan forgiveness programs based on volunteer work, get in touch with your PeaceCorps or AmeriCorps program. These two organizations will be willing to pay off a portion or all your college loans as long as you accept to volunteer. In some cases, you may finish your volunteer service while still studying, and many find the experience very rewarding. Volunteer work also enhances your graduate school and employment applications, so there are lots of reasons to consider loan forgiveness programs.

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