How Do Student Loan Forgiveness Programs Work?
“I have heard about programs where student debt can be forgiven. How do these forgiveness programs work, and where would I go to apply for one?” Student loan forgiveness programs (as they are called) is where the federal government essentially cancels all or part of your loan balance. It is generally reserved for people who perform some kind of public service / volunteer work. In other words, it serves as a reward for a selfless act. You might also qualify for a loan forgiveness if you’re a teacher or service member. Some examples of qualifying volunteer work are AmeriCorps, Volunteers in Service to America (VISTA), and the Peace Corps. I don’t mean to suggest that you’ll automatically qualify for student loan forgiveness through these organizations. But these are good examples of programs that can be used toward that end.
