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Loan Forgiveness As Alternative to Student Loan Repayment

Getting a college education is steadily becoming more expensive which is the reason why more and more students end up taking college loans. The problem is, after graduation, borrowers don’t always have the means to pay for these loans.

There are instances when student loan repayment is not possible even though there is normally a grace period of up to six months. Are there any means of repayment available in these cases?

One good alternative is applying for college loan forgiveness. This way, a borrower’s debt can be partially or fully discharged. Such programs are available to people with certain professions including doctors, nurses, lawyers, teachers, etc.

Instead of worrying about which student loan repayment plans to choose, teachers can have their loans forgiven by working schools located in low income communities. If the borrower has taken a Perkins Loan, the school or college attended must be contacted for details about debt forgiveness.

Medical professionals are also qualified as long as they work full time in underserved areas where there is a shortage of medical personnel. The government also sponsors some medical researches and if the borrower happens to be a part of the research team, there is a good chance that the government will offer to repay his debts. How about graduates of other fields?

There are volunteer programs leading to loan forgiveness sponsored by the Peace Corps or Americorps that borrowers can avail of. Peace Corps volunteers who render one full year of service can have 15 percent of their remaining balance canceled. Americorps volunteers who render one year of service are granted a $5000 education award which can be used to pay off part of a college loan.

You can make some research about available loan forgiveness programs that you can avail of in case student loan repayment plans don’t work for you. The best place to start your search is online.

5 Student Loan Forgiveness Programs

Federal student loans always have to be paid back. The loan program requires repayment after graduation or six months after the borrower is no longer attending college.

These loans have varying repayment options, including deferring payments if the borrower is unemployed or underemployed.

Student loan forgiveness offers a few options to the borrower to give them the opportunity to have part or all of their loans forgiven under certain circumstances.

Volunteer Work:

The federal government allows a borrower to volunteer with three different organizations for a partial and up to total loan forgiveness. Volunteer with Americorps for 12 months and receive up to $4725.00 for loan repayment.

Peace Corp volunteers will be granted loan repayment in differing amounts depending on length of service. Fifteen percent of the loan total is forgiven for each year of volunteer status with a maximum amount forgiven of 70 percent.

VISTA offers the borrower a chance to volunteer and receive a partial student loan forgiveness. Volunteer 1700 hours through VISTA and receive $4725.00 for loan repayment.

Military Service:

Student borrowers have the opportunity to join the Army National Guard and receive up to $10,000 for educational loan payments depending on length of military service.

Teachers:

Borrowers that become teachers in schools that have a certain population of low income students may be eligible to receive forgiveness of their Perkins loans. The National Defense Education Act allows teachers to have loans forgiven at a rate of 15 percent of the loan for each of the first two years of teaching and twenty percent in years three and four. Thirty percent of the loan is forgiven in the fifth year.

Teacher’s in Mississippi that hold an alternate route teaching license and are employed in schools with a teacher shortage may be qualified to utilize the teacher loan repayment plan.

Legal and Medical Studies:

Law school loan borrowers who work in non profit or public interest law positions may be eligible for student loan forgiveness. The US Department of Health and Human Services has a program for doctors and nurses who practice medicine in areas that do not have access to proper medical care. Federal loan borrowers should contact the American Association of Medical Colleges (AAMC) for a listing of all medical student loan forgiveness options.

Law Enforcement:

Alaska offers educational loan repayment to those who were granted a Michael Murphy Loan. Student borrowers whose field of study was probation, law, parole, penology, or another related field of study have the eligibility to receive loan forgiveness, at the rate of 20 percent a year, if they are employed as an Alaska State Trooper.

All of these programs are a fantastic way to serve your state or country and have the ability of receiving a forgiven loan. People who are interested in public sector work should definitely take advantage of one of these options.

Medical Student Loan Forgiveness Program Option

In this rapidly developing world, cost of each and every service we use is increasing constantly, so the educational cost is. Similar is the situation of medical degree course, which requires considerable sum of money.

Owing to this, medical student loan stands as an important necessity for studying in reputed medical college. No doubt each and every loan term is favorable along with the interest. Still facing difficulty in its repayment is quite common among health professionals particularly since repayment starts after 6 months of study completion. During internship students find it hard to afford cost of living as well pay for loan at the same time. Situations even get worse for financially backward students and those who lack adequate monetary support from parents.

To help students overcome disastrous situation of lack of money which in turn creates problem in repayment of loan, medical student loan forgiveness programs are introduced. Different programs have different schemes to provide. Like as per federal government forgiveness program entire or part of loan amount is given off. In return of this the concerned authorities may ask you to work as volunteer for social welfare groups for certain period depending on the amount forgiven.

Along with availing the benefit of medical student loan forgiveness, relaxation in tax and additional source of income make easy way to pay off the loan. However you need to make sufficient amount of research in this respect so as to get a viable option.

In addition to the private and government lending institutions, number of doctors, private and other health care units have come forward to help heath professional pay off the loan in an easy manner, once the degree course and required period of training is completed. While this is beneficial for students in two ways, first they are able to clear the debt easily and at the same time get to learn skills from qualified professional. Besides this, it is one in all kind service, of treating people in community or less popular areas where there is scarcity of doctors.

The Best Car Insurance Rates

If your car insurance is due for renewal and you are considering buying another policy then this article will provide you with important facts that you should know about. Car insurance policies are getting increasingly expensive and you should do all that you can to reduce your costs. How much you have to pay for your car insurance is dictated by a variety of factors as they apply to you and your vehicle.

In this article we will examine coverage limits, your age, gender and marital status, your location and insuring other household members. All of these factors will have a great influence on how much you will have to pay for your policy.

Coverage limits are generally dictated by the price that you are willing to pay for your insurance. A higher level of coverage will generally result in higher premiums. The best way to find a good value policy is to comparison shop. Nowadays it is generally accepted that the best way to do this is by using a car insurance comparison website.

Your age, gender and marital status will have a great effect on the auto insurance rates that you are offered. Insurers rate drivers using a variety of criteria, if you are a young single male driver you will usually have to pay higher rates. If you are a middle-aged female married driver then your rates will be lower. Insurers calculate the best car insurance rates for you by comparing levels of risk. Those groups which are statistically more likely to be involved in an accident have to pay correspondingly higher rates.

Location plays an important part in deciding how much your premiums will cost. Drivers who live in an urban environment will usually pay more than those from a rural area. This is because drivers who live in cities and heavily populated areas are more likely to be involved in an accident, or to have their car stolen or vandalized. Insurers generally offer better rates if you’re able to demonstrate that you keep your vehicle in a garage at night. You may also be able to improve the security arrangements of your automobile by fitting an alarm, immobilizer and steering wheel lock.

Insuring other household members will have an influence on the cost of your policy and the best car insurance rates that you offered. If you have teenage family members living with you and they are added to your policy, then your costs will increase. This may still work out cheaper than if your teenage driver were to have a separate policy in their own name.

In conclusion, there are a variety of different factors which can affect your ability to be offered the best insurance rates. Some of these are coverage limits, how old you are, whether you are male or female and whether you are married or single. Your rates will also be affected by the area where you live and whether other household members are included in your policy.