Some people might have probably heard about the student loan forgiveness, while others still have no idea what is it. Some people recognize it as a form of program but does not really know its sole purpose. Just to let you know, student loan forgiveness is a program wherein a student has the ability to eliminate the need of having to pay back the student loans that the student had borrowed. But as we all know, despite of the benefits that the student loan forgiveness program can give to the students, it also requires a lot of requirement. It has also been known that the requirements for this program needs to be specific and specialized.
Now, have you ever thought what the program is all about? The paragraph above have already defined the meaning of the student loan forgiveness program; however, the main purpose of the program will still be discussed in this article. For the information of everyone, student loan forgiveness program is a program whereas the student can still perform a specified volunteer work and at the same time, the student has the capability to eliminate the borrowed student loan. Refer from a video at http://www.youtube.com/watch?v=zNu-3aBwSJQ to learn more.
For instance, if there is a student who has worked in AmeriCorps for one year, then the student can be able to receive money that he/she will be used for paying the navient teacher loan forgiveness. Another good thing about this is that, the members of the Peace Corps can be benefited of deferments which they will be using for their consolidated loans, Stafford loans and even the Perkins loans. Another advantage about this program is that, student can also receive 70% relief of their Perkins loans.
Indeed, the students working here can receive a lot of perks considering that the Vista members can also receive money which they will be using towards repaying for the loans when they volunteer for 1700 hours. The students that will serve the military will receive special offers too, since they will going to receive around $10, 000 for their navient student loan forgiveness.
Most people would think that student loan forgiveness are exclusive only for students, but little did they know that it is also available for teachers and other health professionals. It is important for teachers with low income to know that they can get 15% forgiveness or Perkins loans for the first two years that they are teaching. After that, they will also receive 20% for the next two years and finally, 30% will be given for the fifth year.