The most conventional way to get out of student loan is to clear them all. However, paying them all is not the only way to get out the problem; there are several alternatives to student loan consolidation, which can eliminate the burden of student loan. Each of the following five ways offers a distinct approach towards debt elimination in terms of the amount of loan it will offload. Way of repayment suggested by each program is applicable to only a specific type of loan.
Followings are a few ways to help the students part their ways with their education loans.
Start Teaching: If you start as a full-time teacher in a low-income primary or secondary school, you will have both Stafford and Perkins loans cancelled. You can accept a teaching job at a school that has shortage of teachers in a particular subject. Opportunities vary from one district to another and the first step is to get in touch with the local district to find out availability of posts. There are multiple programs to help the debtors with loans if you want to take up teaching as a profession.
Peace Corps: This organization will pay off up to 70 percent of your loan burden, depending on how long you want to serve for Peace Corps. They send volunteers to over 70 different countries, providing you with a chance to explore the world. The organization will give coverage for your board and room but no actual earning will be credited to your account.
State-Government Job: Many states provide their employees with loan repayment program on certain level. This program is especially meant for the debtors with low-income ceiling. This low level of earning is different in every state. If you earn less than that level, you are automatically eligible for a debt elimination program. If you have studied education, nursing or social work at your graduation level, it will significantly step up your chance of earning eligibility
Army National Guard: Majority of the recruitment incentives at military offer scholarships for joining a military school, Army National Guard provides an option of student loan clearance up to $10,000. However, the amount paid off is subject to the recruitment terms. As theses loan repayment programs are offered at times, so those looking to capitalize on the opportunity must check the state they are residing in as well as neighboring states as well.
Hospitals: It will not be much of problem for you to find out a hospital offering loan repayment option. In some cases – depending upon the service they are in need of – they are ready to repay the entirely of your loan in lieu of your accepting a job. Usually, full repayment options are offered to the nurses as well as occupation and physical therapists. However, it is up to the hospitals to decide whom the program will be made available for. In some hospitals, such facilities are also extended to the staff in administration. To gather the details, the best is to directly contract the hospital in question.