Many people end up going to college for the sake of improving their chances of a great career and a financially stable life. College is a great place for people to find out who they really are, to fine tune their skills, and to discover skills they never though they could possess. However, people also go into a lot of debt in order to go to college. Paying off student loans can be a trying task, and some people work on paying them off for the rest of their lives. Fortunately, there are options available nowadays for student loan forgiveness programs, and here is how to qualify for them without much trouble.

When Do Student Loans Need to be Repaid?

Students need to start paying on their educational loans right away. In most cases, they only have a six-month grace period to cover them for finding a job that allows them to pay back on their academic loans. This six-month period flies by, and in most cases, people are expected to start paying on their loans right away. One way to reduce these payments is to find loan forgiveness program that fits their situation. Statistics show that almost one quarter of the entire current workforce who have degrees qualify for reduced return on their student loans.

First Thing’s First, Do Not Shy Away

Some people just wish that their loans would just go away. In some cases, other people decide to simply ignore them altogether, as if they will go away on their own. However, this case does not exist without repercussions. Some of these consequences include wage garnishments and garnishments from federal income taxes. In short, people can end up paying a lot of money unexpectedly or when they need those taken funds the most. Therefore, people cannot simply ignore their academic loans. They can try to find ways into forgiveness programs, though.

What Exactly are Student Loan Forgiveness Programs?

These forgiveness programs are exactly what they sound to be. These programs exist for people to have options of reducing most of their student loan costs. In some cases, the loans can be forgiven completely. Some of these programs have requirements that must be met, but most people can apply for a loan forgiveness program in one way or another. There are several types of loan forgiveness programs to consider.

Types of Student Loan Forgiveness Programs

There are various types of school loan forgiveness programs available. One of the most appealing programs is the Teacher Forgiveness Program. For people who teach for five years in a low-income area, they are able to qualify for up to $17,500 of loan reduction. In many cases, this reduction will pay off most people’s Perkin’s loans with ease, and it can place a healthy dent in what people owe on Stafford loans.

Another option is to join the military. All branches are optional for people to sign up as far as this forgiveness program goes. Forgiven loan amounts typically rely on the fact that people achieve ranks in the military. The higher the rank achieved, the more money that will be reduced form the loan’s total. If going into the military is a consideration, then speaking with a local branch recruitment office will solidify what these programs actually are about. This point needs to be discussed before sign-up papers are complete.

One of the most popular loan forgiveness programs is actually a repayment plan all to its own. People can apply for income-based payment, which means they only pay back what their budget says they can afford. This program is a great relief for people who work full-time positions that do not allot for extreme financial freedoms.

Steps to Qualifying for These Loan Forgiveness Programs

First and foremost, a student looking to repay their loans needs to look toward consolidating their federal loans. Doing this step will really make clear how much money is owed. Sometimes, loans are distributed between a few, different loaning companies. The loan can also change hands from one company to another over the years. This situation can cause chaos, so tracking those loans and consolidating them means being able to keep track of what is owed and to whom the money goes in the end.

Refinancing Options

Some former students might be able to refinance their loans. This situation can lead to a loan forgiveness program. However, it is best to see if the option exists to reduce what is owed. At least, a lower percentage for the interest rate would be preferable. This case helps people who will only receive a partial reduction in their student loan totals. Whatever is left over will be cheaper to pay off in the long run.

Loan Cancellation or Discharge

In some cases, a loan can be cancelled or discharged altogether. Some people who are eligible for this forgiveness work as a child or family services worker, professional provider of early intervention services, or even working for the Peace Corps. The type of employment gained determines how much of the loan is cancelled or discharged.


There are plenty of ways to go about reducing the total cost of educational loans. They can be forgiven in many cases, but most of them relate to the work a person actually does. There are plenty of options out there, and they are prime for the taking. Former students just need to invest a little time in finding which one works for them.