The cost of a college education can mean years of student loan debt for many, but through student loan forgiveness programs, some or all of a graduate's student loan can be forgiven. While there are certain conditions that apply, for those who take advantage of the various programs, it can be a cost-effective solution to reducing student loan debt.
Student loan forgiveness programs are usually geared to certain fields and professions. Usually the professions feature a certain aspect where actual practitioners are low or the positions require some element of sacrifice. Usually the areas of medicine, nursing, law or teaching offer some type of student loan forgiveness incentives. In exchange for a promised number of years spent working in the specified conditions, federal student loans can be fully or partially forgiven.
Some examples of programs are for doctors and nurses to work in inner city hospitals where the need is great for qualified professionals to administer health care. Another scenario of a student loan forgiveness program is one where an attorney would commit to spend the first three years of his professional career working with a government agency to help disadvantaged people. Such jobs often have a difficult time recruiting and keeping high-level attorneys, who are lured to firm jobs for higher pay.
The most popular student loan forgiveness programs center around education and teachers. Many public schools in low-income areas have difficulty in employing teachers for any length of time. Also, programs for disabled children and early childhood education programs often feature forgiveness programs. Sometimes, certain areas of specialty also qualify, such as high school advanced math or science.
Some volunteer programs offer student loan forgiveness or deferment, such as the Peace Corps, AmeriCorps and VISTA volunteers.
There are also student loan forgiveness programs for graduates that face severe hardships. Sometimes, someone's financial situation is so severe that student loans can be included in a bankruptcy ruling. However, most bankruptcy courts will usually not include student loan obligations as the type of debt to be erased. It is extremely unusual for student loan debt to be included, but in rare instances it can happen.
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