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Loan Forgiveness


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As an unemployed recent college graduate, you might have more time than money right now. You can get help to pay off your loans by volunteering for certain government projects. In some cases, volunteering for certain programs or services will forgive your debt entirely.



Peace Corps allows you to cancel a substantial portion of your Perkins loans in return for service. You can receive a 15% cancellation for each of your first two years of service and 20% for your third and fourth years.

Americorps offers the social outreach of the Peace Corps without requiring you to leave the country. You can receive up to $7,400 for living expenses and, after a year of satisfactory service, up to $4,725 to be used toward education.

Military Service such as the Army, Air Force, Navy, Marines and the National Guard all offer education assistance programs. Check with your local recruiter to find out how these programs can help you.

Teaching can make you eligible for a complete loan cancellation or at least a deferment of some loans if you fill specific understaffed teaching positions.

Legal and Medical Service offer certain programs that provide partial cancellations of loans for public service. If you choose to study medicine or law, it may be in your best interest to look into this since you can rack up some hefty education loans from both these fields of study.

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