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The normal time period on which a student must pay for all the student loans that they have availed is at least about six months after they have graduated from college. However, as a student you have the option to apply for a loan forgiveness program in order to have some, if not all of your loans to be forgiven. This type of loan program involves a variety of ways that will let you trade in your serviceable time for the forgiveness of your debts.

 

There are several different ways that you can use in order to qualify for the a loan forgiveness programs such as an obama loan forgiveness program, it could either be working as a volunteer worker for the community or you can also decide to be designated to teacher shortage areas which will allow you to teach in a public school for a lower income or you can also serve in the military for you to qualify for the said loan forgiveness program.

 

Peace Corps volunteers are most likely qualified for debt deferment regardless if it is a consolidation loan or a direct loan. They will also likely be entitled for Perkins loan forgiveness. There is a 15% loan debt cancellation on the first two years of service with the Peace Corps. Once the 15% loan debt cancellation has been started the next year will consist of a 20% cancellation which will continue in every successive year of service with the Peace Corps allowing a total of 70% loan debt cancellation within a period of four years in the service.

 

Students who wanted to have the easy way of qualifying for a partial loan forgiveness program, can avail of volunteer community work with the help of nonprofit organizations such as the Volunteer in Service to America organization which is dedicated for poverty eradication in the US. A $4.725 education award is given to anyone that will volunteer a one year commitment service to this particular nonprofit organization. While you are currently in service of this organization, the student loans that you have will be placed under a forbearance or better yet a loan deferment program. You can also learn more about loan forgiveness by checking out the post at http://www.huffingtonpost.com/steve-rhode/door-prepares-to-slam-for_b_9028786.html.

 

Another type of student loan repayment program is also sponsored by the Army National Guard which provides students that have loans a generous loan forgiveness amount of up to $20,000. This particular type of loan forgiveness program is granted to a student who have loans before being enlisted as well as those who have acquired a loan after the enlistment. This is a type of loan forgiveness program that is given to students as an additional benefits of the tuition assistance program by the Montgomery G.I. Bill. Although unlike other obama loan forgiveness programs, this particular loan forgiveness program has a downside of a six year commitment contract.