Normally once a student has graduated college, they have about six months before they need to begin paying back their student loans. However, it is possible to have some or all of your student loans forgiven. It will usually involve trading your time in a variety of different ways.
To qualify, you must be involved in volunteer work, serve in the military, teach in a designated secondary or elementary school for low-income or special education students or other teacher shortage areas, and meet other various requirements.
Peace Corps volunteers may be able to defer payment on their Stafford, Perkins, direct and consolidation loans. Also, they can receive forgiveness for their Perkins Loans. For each of the first two years of service, 15% can be canceled. Then, for the next two years, 20% can be canceled for each year for a total of 70% for a four year commitment.
Partial student loan forgiveness through volunteer work can also be achieved through VISTA (Volunteers in Service to America), a private non profit group dedicated to the eradication of poverty in the United States. A one year commitment to VISTA will allow you a $4,725 education award. Your student...
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