Sallie Mae Student Loan Consolidation, Student Loan Forgiveness, Student Loan Interest Deduction

Student Loan Forgiveness

One of the great things about a student loan is that it allows you obtain money for a college education. However, it is not free money, you have to pay it back. And when you finally get out of school, being straddled with a student loan can make it hard financially for several years until you get it paid off. It would be great if you could just forget about paying the loan off and have your student loan forgiven?

Most of the time, it is not possible to have your student loan forgiven. And whatever you do, do not default on your loan, because there is no statue of limitations on repaying a student loan. Remember, the government is backing your loan, and the IRS can levy your tax refunds until the loan is recovered.

Depending on what type of student loan you have and what your degree is, you may be able to get part, or even all, of your student loan forgiven. The following are some of the ways you can accomplish this:

• Perform volunteer work
• Teach or practice medicine in certain communities
• Military service

Volunteer Work
If you elect to join the Peace Corps or AmeriCorps you may get a portion of your student loan forgiven.

Military
If you are in the Army National Guard, check out their Student Loan Repayment Program. You may

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also be elgible for the GI Bill, and other military scholarship programs.

Teaching
If you take a job as a full time teacher in an elementary or secondary school in a low income area, you may be elgible for a portion of your Perkins Loan to be forgivn. Contact the administration at your school to see which schools are elegible.

Medical
If you are a physician or registered nurse and agree to practice for a set number of years in areas that lack adequate medical care you may be elegible for a portion of your student loan to be forgiven. Check with your local hospital, some will even pay for your education in return for a commitment upon graduation for a set number of years. The military also offers financial assistance to medical professionals.

Other Methods
• Check with your university. Some schools have programs that will forgive a portion of your loan.
• Some federal agencies will also offer loan forgiveness programs as a recruiting and retention program.

Keep in mind, having your student loan forgiven is not free money. Under most circumstances, this represents a taxable income in the year the loan was written off. You will need to contact your tax professional for additional information when preparing your taxes.

Here are some more student loan articles...

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Do You Need To Refinance Your Student Loan?
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Before you take out your student loan, you need to give some consideration into how you are going to pay the loan off. There is nothing worse than graduating from college with a huge debt Read more...

Student Loan Forgiveness
One of the great things about a student loan is that it allows you obtain money for a college education. However, it is not free money, you have to pay it back. And when you finally Read more...

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