Student Loan Repayment Programs: Serving Society

2007-03-08 10:33:40

( Financial )



MAKING INROADS

If you are about to graduate and are worried that you might not be able to pay your student debts, or if you have been working for some years now but have not made any inroads in your loans, take heart because there are many student loan repayment programs that you can avail of. These programs not only help ease your burden in terms of student loans, but it has an effect that extends to your loans like repayment mortgages as well.

Student loan repayment programs are also referred to as a loan forgiveness program that is extended to qualified individuals, provided that they fulfill certain requirements and obligations.

If you are eligible, these student loan repayment programs will set a certain amount that will be taken off from your outstanding educational loan. Depending on how much balance you still owe, the amount may be enough to settle the entire loan.

LOCAL AND FEDERAL ORGANIZATIONS

Most of these student loan repayment programs are offered by local and federal government agencies. The armed forces, in particular, offer generous student loan repayment programs for those who are willing to enlist in the military services.

You can also render your services to volunteer organizations such as the Peace Corps. Unlike the military student loan repayment programs which offers a certain amount that will be paid off your student loan, a Peace Corps volunteer will enjoy a cancellation of certain percentage of their loan. The percentage goes higher as you stay longer and serve the organization. You can get a cancellation of up to seventy percent of your loan amount.

The educational sector also gives student loan repayment programs for those who are willing to become teachers in low-income areas of the country. There are also special student loan repayment programs that local school boards offer. Make sure to ask around your locality.


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