Did you know that there are numerous programs available that will actually pay off all or part of your college loans? Student loan forgiveness isn't a myth. Many of these programs aren't widely advertised and most people who are eligible don't even realize that they qualify to have thousands of dollars wiped off the balance of their educational loans.

A student can receive student loan forgiveness if he or she performs certain kinds of volunteer work. For example, if a student serves in the AmeriCorps for at least one year, he or she can receive money to be used towards their loan payments. Members of the Peace Corps may receive deferments for Perkins Loans, Stafford Loans, and Consolidated loans, and may be relieved of up to seventy percent of the amount of their Perkins Loans.

Loan forgiveness began in October of 2007 with the passage of the College Cost Reduction and Access Act. It allows for the remaining balance of student loans to be forgiven after 120 payments are made on time provided certain conditions are met.

The military has a wide range of money-saving benefits and student loan forgiveness programs that serve to help you get out of debt. The Armed Forces student loan forgiveness program will repay as much as $2,500 worth of student loans to borrowers who served between 9/11/01 and 6/30/06.

Partial student loan forgiveness through volunteer work can also be achieved through VISTA (Volunteers in Service to America), a private non-profit group dedicated to the eradication of poverty in the United States. A one year commitment to VISTA will allow you a $4,725 education award. Your student loans may be placed in deferment or forbearance while you are serving.

If you believe that your career may qualify you for student loan forgiveness, then you should immediately start gathering documentation. For example, a yearly written job description from a supervisor, highlighting the things that you do to make your job "public service" can go a long way in this type of case. Also, make sure that you have documents proving how long you have been employed in that position.

Student loan forgiveness may be possible for teachers by working full-time in an elementary or secondary school in low-income communities. Many education majors and others preparing for a teaching career take out Perkins loans. If a teacher meets certain qualifications it may be possible to cancel the entire Perkins loan. Perkins loans are provided by the individual college or university, so graduates will need to contact the financial aid department of the college attended to get information on debt forgiveness.

Teachers who applied for Perkins loans may avail of loan forgiveness instead of opting for a student loan repayment plan. Teachers will be required to work full-time in schools (elementary or secondary) in low income communities. Depending on the teacher's qualifications, it is possible to cancel the entire loan. Since individual colleges provide Perkins loans, you'll have to contact the finance department of the college you've attended for details about loan forgiveness.

Public Service Worker - As this form of work normally doesn't pay a very high salary what it does give back is the feeling that you are doing something for others and your country. The government feels that this is at least worth something and has mandated that after 10 years a student loan balance of those public service workers will be forgiven.

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