Doing Good In Order To Pay Off Those College Debts - By: Chase David

Worked hard for your degree the last four years? The last thing you want is to have to then work hard for up to ten years to pay off those student loans. There is good news and alternatives for student loan repayment.

That sounds a bit misleading. The fact is that you will have to work in order to make a student loan repayment. However, this doesn't necessarily mean you have to actually hand over your money.

The government has a number of options available where you can earn student loan forgiveness through service. There are two general categories of programs whereby you can offer your services in exchange for the government making your student loan repayment: volunteering and occupational loan forgiveness.

One of the better volunteering options is AmeriCorps. With the AmeriCorps program you get money for your student loans in addition to an actual stipend (sort of like a paycheck). With this option, you work for AmeriCorps for a year in various areas of the United States. You get some choices in the area you'll work such as education, public safety, health, and housing.

You can elect to stay in your home state, or you can go somewhere else. When you're working for AmeriCorps, you can receive a yealy stipend up to $7,400. You'll also receive up to $4,725 to put towards your student loan repayment.

Feeling brave? Join the military. Joining the National Guard or the Army Reserve means you could earn up to $10,000 to pay off your loans. If you elect to fully join the military such as the Army, Navy, Air Force, or Marines, you can qualify for the new G.I. Bill that can completely pay for all of your student loans.

However, the military requires a slightly longer commitment than does AmeriCorps. Full active duty service requires a minimum of 4 years, but that does mean that you could qualify for more than $40,000 towards your student loan repayment.

Additionally, if you have studied and now quality for a job in the field of occupational or physical therapy you could very well qualify for a forgiveness package when you become employed. Many health care organizations and hospitals may pay back part of your student loans if you agree to work with them. This is because there is a high demand for qualified people in these areas.

So, just because you've already accumulated a considerable amount of debt thanks to your education, you don't need to worry. There are many options to student loan forgiveness and repayment.

About the Author

Chase David has been a leader in the area of saving for college. His free ecourse "How to save for college without grants, financial aid or student loans" has become a favorite way for parents to save money for their child's education. For further information and free ecourse, go here => http://www.howtosaveforcollege.org

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