There are a variety of ways to pay down your student loan Consider these options in addition to consolidation to reduce your monthly out of pocket expenses.
1. Volunteer work: AmeriCorps (domestic arm of the Peace Corps) or the Peace Corps both offer education awards that can be used for tuition or to pay off student loans. Americorps will award $4,725 for a year's worth of successful service. Peace Corps will cancel 15 percent of the debt owed on Perkins loans for the first two-year term and 20 percent for third and fourth years of service. For more information visit the Peace Corps Web site.
2. Military service: Those serving in the Army National Guard may be eligible to receive up to $10,000 through the Student Loan Repayment Program. Check with a local recruiter to determine your eligibility.
3. Career choice: Teachers who teach in schools that serve low-income students, have a shortage of teachers in a particular subject or teach disabled students in a public or nonprofit school are eligible for up to 100 percent of loan discharge.
Legal and medical professions have programs for student loan debt forgiveness. Visit the Equal Justice Works Web site to get the facts on what you will have to do in the legal world.
The National Health Service Corps offers forgiveness programs to doctors who practice in regions that lack adequate health care. In addition, some hospitals and private health care facilities recruit candidates by dangling loan forgiveness.
4. Death and other: Permanent disability or death will allow for 100 percent forgiveness of your loan, but obviously have serious downsides that limit their popularity. If your school closes before you can complete your program of study or you were issued a false loan certification, the loan is 100 percent forgiven.
In addition to the tips above, make sure that student loan consolidation is part of your payment reduction plan.
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