SCHOLARSHIPS FOR:
- Program
- Architecture
- Arts and Design
- Beauty and Cosmetology
- Business
- Communication and Media
- Computer
- Culinary
- Education
- Engineering
- Health and Clinical
- Legal and Law Enforcement
- Liberal Arts and Humanities
- Science
- Social Services
- Travel and Hospitality
- Vocational or Technician
- Educational Level
- High School
- Associate
- Bachelor
- Master
- Doctoral
- Ethnicity / Minority
- Black/African-American
- Hispanic
- Native American
Loan Forgiveness Programs
Work Areas Aren't Always Desirable
Some loan forgiveness programs require you to work in rural or inner city areas that you might not otherwise choose. Teach for America places teachers in areas that have high levels of poverty. However, if you are chosen for one of these teaching jobs you receive salary, insurance, and forbearance on student loans. You may also receive an education award of $4,725 for each year of service that can be applied to student loans or future education costs.
The National Health Services Corps and the Nursing Education Loan Repayment Program also offer loan forgiveness to medical personnel who work in economically depressed or remote areas. Other loan forgiveness programs are available for health professionals who are occupational and physical therapists, who conduct AIDS research, or who conduct clinical medical research.
You Must Make a Time Commitment
Most loan forgiveness programs require some kind of a time commitment. For instance, Americorps requires people to work in public service settings for a period of 10 to 1 2 months, while Peace Corps volunteers make a 27-month commitment. However, Peace Corps volunteers are eligible to have 15 percent of their outstanding Perkins loan balance cancelled for each year of service.
You Might Need to Join the Military
The various branches of the military offer loan forgiveness programs for people who enlist. The Student Loan Repayment Program pays up to $65,000 in qualified loans for people enlisted in the Army and Air Force and up to $10,000 for people in the Navy. Scholarships and tuition assistance are also available for those who serve in the military. The Montgomery GI Bill provides up to 36 months of education benefits that can be used during or after active duty to eligible veterans of all branches of the military.
If you think you might be eligible for a loan forgiveness program, talk with your employee benefits office, your military education benefits center, or the financial aid office at your school.
About the Author
Francine L. Huff is a freelance journalist and the author of The 25-Day Financial Makeover: A Practical Guide for Women. She has appeared on a variety of TV and radio shows.
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