Written by S. Thompson | Posted in Loans |

Students enjoy the taste of success after finishing their college degree. This celebration, however, can be short-lived when they face the task of paying off their student loans. It can be said that new graduates encounter their first burden after college through their student loan debts. There are, fortunately, student loan debt forgiveness programs that can erase some or even all of your debts. Depending on your college degree and current work, you may qualify for these student loan debt forgiveness programs.

According to the Project on Student Debt report, in 2009 alone, the average student loan debt has already reached an astounding $24,000 and still continues to rise. Students may manage that large debt through student loan debt consolidation. That, however, may still not be enough to cover everything. Despite that, students can still have some student loan debt relief by applying for forgiveness programs offered by both government and private sectors. Below are some ways by which you can have your debts forgiven.

Do Volunteer Work

You can volunteer for the Peace Corps, AmeriCorps, and Volunteers in Service to America (VISTA). In exchange for your volunteer service, these organizations offer loan forgiveness from 15% to 70% of your total student loan debt. In addition to that, these organizations also offer stipends for your time of service.

Become A Teacher

This is applicable to those who have a Perkins loan. If you decide to teach full-time in any elementary or high school that caters children of families with low-income, part of your loan can be forgiven – this is under the National Defense Education Act. More of your debt can be forgiven if you decide to teach in these schools for longer years. Other than that, there are other student loan forgiveness programs for teachers. It would be best for you to consult your loan board of education about this matter.

Pursue A Military Career

The military offers up to $20,000 student loan repayment. Other than that, scholarships and tuition assistance programs are being offered.

Perform Clinical Researches or Non-profit Work

This is very suitable for medical graduates. The National Institute of Health can have your student loan debt forgiven if you perform certain clinical researches. Law graduates can also render non-profit work to have some of their student loan debt forgiven.

I hope that the ways on how to avail student loan debt forgiveness mentioned above can help you in your new journey after getting your college degree. It is good to know that there are programs from the government and private sectors that help people repay their student loan debts.

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