Forgiveness of Student Loans

Posted By: Dr. Frugal in Loans on 07/09/2007 at 21:45:31

In a very limited number of circumstances, some student loans can be forgiven without requiring repayment. You might be eligible to have part of your Stafford loan canceled if you obtained it on or after October 1, 1998 and you have taught for five years (full-time) in a low-income school. You can get an application from your student loan provider.

For more information on loan forgiveness programs for child care providers, call 1-888-562-4639 (Child Care Provider Loan Forgiveness Program). For information on the nursing forgiveness program call NELRP at 1-866-813-3753.

The federal government recently instituted a new program whose purpose is to bring more highly qualified child care providers into the profession and keep them around longer. If you're eligible for this program, you may be able to eliminate part of your undergraduate Stafford loan. To be eligible you must have an associate or bachelor's degree in early childhood education, have worked for at least two years as a child care provider in an eligible facility serving a low-income community AND must have taken you your loan before October 7, 1998. Similar programs are available for nurses at the Medical University of South Carolina

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