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Student Loan Benefits and Challenges
Wondering how you'll ever be able to repay your college student loans? While student loans can be a great way to find money for college, paying them back certainly isn't easy. Would you like to be able to work off your student loan debt rather than having to make loan payments? If you're willing to commit to working in a high-demand occupation where jobs are difficult to fill or to participate in a community service program that offers student loan forgiveness opportunities as a benefit, you just might be able to do that!
If you have federal student loan debt and you are able to secure a position that qualifies you to participate in a student loan forgiveness program, you can enjoy the benefit of having a portion of your college loans – or possibly even the entire balance – forgiven by the federal government. This means that you will not have to repay the portion of your higher education debt that qualifies for the student loan forgiveness program when you meet the specified terms and conditions.
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About Student Loan Forgiveness Opportunities
Organizations that offer student loan forgiveness opportunities recruit recent college graduates to perform certain types of work, based on open positions at any given point in time. Each program has different hiring needs, and the amount of loan forgiveness individuals may qualify for varies from one program to another. Examples of organizations that offer student loan forgiveness programs include AmeriCorps, Teach for America, the National Health Service Corps, along with many others.
AmeriCorps, for example, recruits recent young people from a variety of backgrounds to commit to a year of community service through one of the organization's programs. Participants receive a modest living allowance during their term of service, and receive up to $4,725 to apply to student loan debt for each year of full-time service.
Teachers who participate in the Teach for America program have an opportunity to earn an equivalent amount of funding for student loan forgiveness for each year they work in a qualified teaching position in certain inner city school systems or schools located in remote, outlying areas. Additionally, many states offer their own student loan forgiveness programs as a tool for recruiting skilled teachers for high demand subjects such as math and science.
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A Word of Caution
Acceptance into student loan forgiveness programs can be very competitive. In order to qualify you'll need to have the skills that the organizations that are able to offer student loan forgiveness opportunities are seeking and you'll need to be prepared to successfully compete for the limited number of open positions that are available at any given time. If you are able to qualify for such a program, keep in mind that you need to consider the amount of loan forgiveness you'll be able to earn when assessing the overall value of the employment opportunity.
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