STUDENT LOAN FORGIVENESS
Technically, student loans could not be completely forgiven, however, there are ways to pay them off through certain services.
There are a lot of socially advantageous jobs that students could take part in to be able to pay his/her debts off. They could help in medical clinics as assistants, teach in understaffed schools, enlist in the military or sign up fro social services, among others.
Students who are studying medicine usually incur big loans during their studying. They have the option to provide medical assistance for regions, which are economically backward, war-affected or disaster-affected. This is a way to have their loans forgiven. Because usually no or few practicing doctors would do work in such areas, recruiters would get such student defaulters to be able to give medical aid to said regions.
Teaching would be one more way to have student loans waived. Prior to July of 1987, borrowers were asked to teach in schools that cater to those children of families with low income. After July of 1992, student borrowers were given the option of also teaching in understaffed schools. Another option would be to teach in schools for special children.
Another way would be enlisting in the military. These would usually be menial work. However, there would be students who would opt for this because of their patriotism. There are also some voluntary social service organizations such as PeaceCorps and AmeriCorps with which students could work for to reduce their loans.
Remember that none of these options and alternatives would be able to waive a student loan completely and offer total student loan forgiveness. Usually, students would get a waiver of 15 percent for the first and second years, then 20 percent for the third and fourth years, and then 30 percent in the fifth year. Also, if students would be choosing to work for these institutions, they would be able to reduce loan repayment terms as well.
