Do some research and find out if you qualify for ways to get college paid for you.
Graduating seniors averaged $24,000 in student loan debt in 2009, according to a report released by the Project on Student Debt. That figure represented a 6 percent increase from 2008. During the same period, average tuition for private universities was $14,256, while the average tuition at public colleges was $7,567, the National Center for Education Statistics shows. As the high cost of education makes attending college prohibitive for many students, private and government loan forgiveness programs provide alternatives to funding education for those leery of accumulating excessive student loan debt.
Instructions
1. Work in the public-service sector for 10 years. The College Cost Reduction and Access Act of 2007 offers loan forgiveness to those working full-time in public service. Students are required to make at least 120 loan payments on or after October 1, 2007 to qualify for the program.
2. Teach school in a low-income area. The National Defense Education Act provides Perkins Loan repayment for elementary and secondary school teachers. Teaching in designated low-income schools provides 15 percent loan forgiveness for the first two years. The third and fourth years merit 20 percent loan forgiveness and the fifth year means 30 percent.
3. Volunteer for The Peace Corps or Americorps. Students who volunteer with the domestic volunteer organization AmeriCorps receive a stipend of $7,400 and also receive $4,725 to help defer the cost of student loans. Volunteering with the Peace Corps provides opportunities for loan forgiveness based on years of service. Students may qualify for up to 70 percent loan forgiveness.
4. Join the Army National Guard to receive up to $10,000 in loan forgiveness. As an added perk, many military organizations offer scholarships to veterans. The Montgomery GI Bill provides funds for over half of the cost of tuition expenses. The Higher Education Relief Opportunities For Students Act of 2003 offers special provisions for students who are called into active duty while attending school.
5. Participate in clinical medical research and receive up to $35,000 per year in loan forgiveness provided by the U.S. National Institutes of Health. The U.S. Department of Agriculture sponsors the Veterinary Medicine Loan Repayment Program for students committed to working in an area affected by a shortage of veterinarians. The program offers repayment of up to $25,000 per year for a total of three years.
Tags: loan forgiveness, percent loan, percent loan forgiveness, average tuition, loan debt, Peace Corps, service Students