Stafford Loan Forgiveness for Volunteer Work

Most of the students carry out their higher studies with the help of the student loans. From time to time, it is seen that some of these students cannot return the entire amount of money. Hence they apply for the student loan forgiveness. Stafford Loan Forgiveness is nothing but a variety of student loan forgiveness program that is given to the people who meet some definite requirements. In case you fail to qualify for this federal loan forgiveness, then by consolidating the student loans, that you have taken, can make your repayment extremely easy. If you go for consolidation, then the terms of paying your money back will be extended from ten years to thirty years at the most, and because of this process, there will be lower impact on your monthly budget.

 

There are some particular circumstances for which the federal government will withdraw the whole or some parts of an educational loan. If you want to be eligible for this for Stafford loan forgiveness, then you must meet some criteria provided by the Federal Government:

• First of all, the person, who is applying for the loan, should have preformed some volunteer work.
• Secondly, he or she must have done some military services.
• The third criteria is that he or she have to teach and or practice medicine in the areas where there is dearth of doctors or any proper medical care.
• They have to perform some tasks in order to qualify for the loan forgiveness in the areas of the public services.
• And lastly, the person who wants the loan forgiveness, have to fulfill the other criteria that are specified by the forgiveness program.

 

There are a lot of volunteer organizations that offer the students federal Stafford loan forgiveness. These organizations are as follows:

• The number one is the AmeriCorps. This institution offers its service for 12 months and thereby gets up to $7,400 as stipends along with $4,725 that is to be used in case of your loan.
• The second organization is Peace Corps. The volunteers of this organization can apply for postponement of Stafford or Perkins as well as consolidation loans. They may also apply for partial cessation of Perkins Loans, which is about 15% of the service in every year.
• These volunteer organizations really can create a huge diversity in the lives of the human beings with only two years of service in over 70 countries that are on the verge of development.
• The third one is Volunteers in Service to America or VISTA. Here, the volunteers work with the private as well as non-profit groups, which in turn help in eliminating hunger and lack of food, the homelessness, the poverty and illiteracy from the people.

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