Who Is Eligible For Student Loan Forgiveness?

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Your eligibility for student loan forgiveness depends on the type of student loan in question. If you have a federal Stafford loan, you may be able to get all or part of your loan forgiven through certain types of volunteer work, public service, military service or medical practice.

By volunteering through AmeriCorps or Volunteers in Service to America (VISTA), you can receive up to $4,725 toward your Stafford loans.

Another option for Stafford Loan forgiveness is the Army National Guard's Student Loan Repayment Program, which can help you earn up to $10,000 toward loans.

Law school graduates may earn Stafford Loan forgiveness by working in a public interest or nonprofit position.

By volunteering with the Peace Corps, 15% of your Perkins Loan balance will be forgiven for each year of service.

As a full-time elementary or secondary school teacher in a low-income community, you can have 15% of your Perkins Loan forgiven for years one and two of employment, 20% in years three and four, and the remaining 30% in year five. Stafford or Perkins loans may also be forgiven if you teach an understaffed subject such as math, science, or special education or work in a school in a low-income neighborhood.

Get the full answer here at Investopedia.com.

Last Updated: May 2, 2013
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