If I have $40,000 in deferred student loans.......?

Question

If I have $40,000 of student loans that are currently deferred, is there a way I can get some of this forgiven? My degree is in Business Management and I work in the Human Resources field. I am would like to pay off as much as possible as I am a single mother preparing to send my own child off to college in a matter of a few years. I know that if someone is a school teacher or becomes a full-time school teacher, they can have some of that loan forgiven. I believe the same is also true for Doctor's but I wonder if there is anything for professionals who are not in the teaching field or medical field. Even if someone has had this same experience this would be great information. I know I am responsible for paying it off but I wanted to throw this out there in the atmosphere to see if there might be any loopholes of "forgiveness" for any other professionals. I've heard you can go overseas and do volunteer work but overseas is not an option for me at this point in the juncture. Thanks!!!!!!

Answer 1

There ARE some ways to get loan forgiveness. But you have to qualify.

Here is the official link that will give you all the info. you need:
http://www.finaid.org/loans/forgiveness.phtml

Answer 2

You can only get a student loan to be forgiven if you become a teacher for a disadvantaged group of students (aka ghetto schools), but you have to sign up for 5 years first before you can get the laon forgiveness.

I would recommend you check the fafsa website.

Ohh...you can also get forgiveness if you become disabled (to the extent you cannot work) or if you die.

Sucks doesn't it?

Answer 3

I'm sorry. There is really no "forgiveness" option for you unless you become permanently disable and are unable to work or you die. Neither of which are desirable options. The best thing you can do is a pay a little bit more than the amount due each month.