How to Apply for Forgiveness of Old Student Loan Debts

How to Apply for Forgiveness of Old Student Loan Debts
Teaching in the right school district could earn you forgiveness on your student loan debt.

Participate in a volunteer program that qualifies you for loan forgiveness. These include working with the Peace Corps, AmeriCorps or Volunteers in Service to America. Service times range from 1,700 hours to 2 years, depending on the program you choose. You will earn $4,725 for AmeriCorps and Volunteers in Service to America, and up to 70 percent of your loan amount for the Peace Corps.

Apply for loan forgiveness through the volunteer organization. For the Volunteers in Service to America program, call (800) 942-2677; for Peace Corps, call (800) 424-8580; for AmeriCorps, call (800) 942-2677.

Serve in the military. Each branch of the military offers student loan repayment, ranging from $10,000 for the National Guard and Air Force to $65,000 for the Navy and Army. Apply for this loan forgiveness through the recruiting office of your branch of the military.

Teach full-time in a school that services low-income families. This may earn you up to 30 percent loan forgiveness on your Perkins Loan and up to $5,000 in loan forgiveness on your Stafford Loan.

Fill out the Teacher Loan Forgiveness Application to apply for teacher loan forgiveness. Have this form certified by the chief administrative officers from the schools in which you taught, and submit a copy of the form to each loan holder.