College loans enable students to pay for school, little by little. Loan repayment often remains on hold until post-graduation when the student has a career and the ability to pay back the loans. However, there is usually a shock in store for many when loan bills start rolling in and graduates find themselves trying to budget their funds in order to pay for all of their bills. Loan forgiveness programs provide a great way for borrowers to get some much needed discounts on loan repayment and not have to pay back their loan in its entirety. Here are some of the popular loan forgiveness programs for which you may be eligible for after graduation.

Volunteer Work Loan Forgiveness Programs

Volunteer organizations are always searching for some fresh, new faces to join their ranks. Three of the main volunteer organizations which offer loan forgiveness programs include Volunteers in Service to America (VISTA), AmeriCorps and Peace Corps. For those who volunteer for VISTA, the loan forgiveness benefits are $4,725 for 1,700 hours worth of volunteer service. Volunteers with the Peace Corps can receive a deferment of their loans while volunteering and also receive 15% cancellation of loan repayment for each year that they volunteer. As for AmeriCorps, when one volunteers for a year they will receive money up to $7,400 for stipends and also $4,725 for loan repayment. Therefore, when graduates volunteer with any of these worthwhile organizations they can do good in addition to receiving loan forgiveness to help pay back their student loans.

Military Service

The military is known for helping individuals to pay for college as well as for loan forgiveness programs. If you join the Army National Guard, a student loan repayment program exists where you can get anywhere up to $10,000 for repaying your student loans. There are also many other military-related organizations which will help future military members pay their loans back.

Teaching Loan Forgiveness Programs

In certain instances, there are loan forgiveness programs for those who are teachers. Perkins loan forgiveness programs exist when the individual teaches in a lower income area for a certain period of time. The forgiveness program allows the individual to have 15% of their loans forgiven when they teach for 1-2 years, 20% forgiven for 3-4 years and 30% forgiven for the 5th year. Individual states may also offer teaching loan forgiveness programs which will help teachers to further reduce the amount of loans which they owe after college.

Legal or Medical Field Programs

Two other professions where loan forgiveness programs exist are in the legal and medical fields. Lawyers and doctors who work in non-profit or public interest positions can get loan reductions as a result. The exact amount of loan forgiveness available to doctors and lawyers will depend on the agency or organization which sponsors such programs. However the forgiveness amounts are often quite beneficial and helpful, especially for those individuals who have large amounts of school loans to repay. Physical therapists and occupational therapists may also reap the benefits of loan repayment programs as these positions are high in demand and hospitals and clinics are continually looking for new therapists to take the job. Check with your regulating agency or organization, such as the American Bar Association or American Medical Association, to learn more about loan forgiveness programs for the legal and medical fields.

Loan forgiveness programs provide the easiest and most rewarding way to start your career. Not only can you help out where your assistance is so needed but you will also be fortunate enough to have help with repaying your school loans along the way.