My Finance Blog

Continuing on with the topic of student loans, did you know that you can avail student loan “forgiveness?” Yep, you read that right. That means you’ll be debt-free (or at least almost) if you go out of your way to be “forgiven” of your debts. It sure sounds a lot better than slaving away and paying off your loans within thirty years or so. Don’t rejoice though, it’s not as easy as I make it sound.

Here are some ways to get rid of those student loans without paying for anything.

1. Join the Military

AHA! You really thought you’re getting the easy way out did you? Nope, not a chance. Joining the military pays off up to around 10 grand of your student loans. You get more money if you’re stationed in higher-risk locations. Nope, you’re really not getting off easy.

2. Do Some Volunteer Work

There are some corps and organizations which would pay off a part of your loan if you devote a set period of time volunteering for their causes. Examples include Americorps, VISTA, and Peace Corps.

3. Teach

And not just teach, you need to teach on designated areas. You have to agree to be stationed into areas of low-income families or where there’s a shortage of teachers. In short, volunteer work.

4. For Law and Med Students — Do More Volunteer Work

Law students in certain schools could be forgiven their loans if they agree to take on nonprofit work. For med school students, the National Health Service Corps will help you pay for a part of your loans if you serve in areas where medical service is in dire need.

See, I told you it won’t be easy. Still, if you think you’re eligible, there’s no reason why you shouldn’t try. After all, you won’t end up only paying for your loans, you’d also help people in the process.

Filed under: student loans