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[ loan consolidation
] [ loan forgiveness ]
If loans are a part of your solution to paying for school, you will have
to repay them in monthly installments after you leave school. The federal
government may cancel all or part of an education loan under certain circumstances.
Here are some links to examples of federal and state loan forgiveness
programs (Please excuse the cross postings).
Use the Loan
Repayment Calculator to determine what your loan payment will be.
Volunteering Loan Forgiveness
Law School Loan Forgiveness
Medical School Loan Forgiveness
Teacher/Childcare Provider Loan Forgiveness
Occupational/Physical Therapy Education Loan
Forgiveness
10 Books About Loans, Scholarships and Fellowships
VOLUNTEERING LOAN FORGIVENESS
These volunteer organizations offer loan forgiveness:
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LAW SCHOOL LOAN FORGIVENESS
Attorneys working in a nonprofit child or family service agency with
high risk children from low income families may qualify to have some of
their Perkins Loans (not Stafford) forgiven. Prosecutors working in an
agency that enforces criminal law may qualify to have some of their Perkins
Loans (not Stafford) forgiven. Under rules issued by the Office of Personnel
Management (OPM) federal agencies may now offer loan repayment assistance.
The rules allow agencies to pay up to $6,000 a year, $40,000 total, per
person. To receive the benefit the applicant must sign an agreement to
work for the agency for not less than three years.
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MEDICAL SCHOOL LOAN FORGIVENESS
Some groups offer forgiveness programs to physicians who agree to practice
for a set number of years in areas that lack adequate medical care (including
remote and/or economically depressed regions).
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TEACHER / CHILDCARE PROVIDER LOAN FORGIVENESS
Perkins loans can be cancelled for full-time service as a teacher in
a designated elementary or secondary school serving students from low-income
families, special education teacher (includes teaching children with disabilities
in a public or other nonprofit elementary or secondary school), qualified
professional provider of early intervention services for the disabled,
teacher of math, science, foreign languages, bilingual education, or other
fields designated as teacher shortage areas, employee of a public or non-profit
child or family service agency providing services to high-risk children
and their families from low-income communities, nurse or medical technician,
law enforcement or corrections officer, staff member in the educational
component of a Head Start Program, service as a Vista or Peace Corps Volunteer
and servicein the Armed Forces (up to 50% in areas of hostilities or imminent
danger).
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OCCUPATION/PHYSICAL THERAPY LOAN FORGIVENESS
Many hospitals and private healthcare facilities use loan forgiveness
to recruit occupational and physical therapists.
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10 BOOKS ABOUT LOANS, SCHOLARSHIPS AND FELLOWSHIPS
- S. Norman Feingold and Marie Feingold, Scholarships, Fellowships,
and Loans, 9th edition, Bellman Publishing Company, Bethesda, Maryland,
1992-1993. $80. Scholarships, fellowships, and loans. Since 1992, editions
are now published by Gale Research.
- Huber William Hurt, Harriett-Jeanne Hurt and Christian E. Burckel,
The College Blue Book -- Scholarships,
Fellowships, Grants and Loans, Volume 5, 25th edition, Macmillan
Publishing Company, New York, 1995. ISBN 0-02-895147-6 five volume set
($235). ISBN 0-02-895148-4 single-user CD-ROM ($335). ISBN 0-02-895151-4
network CD-ROM ($425). ISBN 0-02-895149-2 five volume set and single-user
CD-ROM ($545). ISBN 0-02-895152-2 five volume set and network CD-ROM
($645). Revised every two years. The College Blue Book is a five-volume
set that provides information about post-secondary education and financial
aid. Volume 5, which is 895 pages long, provides information about scholarships,
fellowships, grants, and loans from private and public sources. It includes
information about awards for undergraduate students, graduate students,
and post-doctoral students. Awards are organized according to discipline,
meaning that some listings are epeated. So, even though the awards are
numbered from 1 to 2,753, the book lists only about 2,000 distinct award
programs from approximately 1,000 sponsors. The book includes award
title, sponsor, subject, and education level indexes. The CD-ROM lets
you search for awards by subject area, award title, sponsor, and educational
level. Volume 5 (ISBN 0-02-895026-7) was previously available separately
for $48.00, but this appears to no longer be true. To order a copy,
call 1-800-716-0044 or 1-317-228-4366, fax 1-800-882-8583 or 1-317-228-4304,
write to Macmillan Publishing, 201 West 103rd Street, Indianapolis,
IN 46290, or send email to orders@mcp.com. You can also
call 1-800-257-5755 or 1-800-261-8783, or write to Macmillan Publishing
Company, 866 Third Avenue, Fifth Floor, New York, NY 10022.
- David Jaffe, The New College Financial Aid System: Making It Work
for You, Council Oak Books, Tulsa, Oklahoma, 1993. ISBN 0-93303-182-3
($14.95). 141 pages. This book focuses on federal and state aid, and
so is somewhat dated. However, there is some information about negotiating
for a better aid package. To order a copy, write to Council Oak Books,
Tulsa, OK 74120.
- Debra M. Kirby and Christa Brelin, Fund Your Way Through College:
Uncovering 1,700 Great Opportunities in Undergraduate Financial Aid,
Visible Ink Press (Gale Research), Detroit, Michigan, 1994. ISBN 0-81039-457-X
($19.95). 731 pages. Organized alphabetically, with geographic, field,
and characteristic indexes. To order a copy, call 1-800-877-4253 or
write to Gale Research, Inc., 835 Penobscot Building, Detroit, MI 48226-4094.
- Debra M. Kirby, Scholarships, Fellowships, and Loans 1996,
10th edition, Gale Research, Inc., Detroit, Michigan, 1995. ISBN 0-8103-9114-7
($140.00). 769 pages. Covers domestic and international fellowships
for graduate and post-doctoral students and faculty. The book includes
approximately 4,000 listings organized alphabetically by sponsor, with
a quick-reference chart. Previous editions by Norman and Marie Feingold,
Bellman Publishing Company, Scholarships, Fellowships, and Loans. To
order a copy, call 1-800-877-4253 or write to Gale Research, Inc., 835
Penobscot Building, Detroit, MI 48226-4094.
- Clarence E. Lovejoy and Theodore S. Jones, College Scholarship
Guide, Simon & Schuster, Inc. 125 pages. Scholarships, fellowships,
and loans from educational and fraternal groups, government, and industry.
- Octameron Associates, Loans and Grants from Uncle Sam: Am I Eligible
and for How Much?, 3rd edition, Octameron Associates, Alexandria,
Virginia, September 1995. ISBN 1-57509-000-7 ($6.00). 72 pages. This
book provides information about federal loan and grant programs for
undergraduate students. It includes a worksheet for determining eligibility
and estimating the size of your award, and a list of Title IV Institutional
Codes for most colleges and universities. The book also provides explanations
of eligibility, deferments, loan forgiveness, loan consolidation, and
repayment schedules. To order this or other Octameron books, call 1-703-836-5480
or write to Octameron Associates, PO Box2748, Alexandria, VA 22301.
- Peterson's
Scholarships, Grants, and Prizes 1997, Peterson's Guides, Princeton,
New Jersey, 1996. ISBN 1-56079-696-0
($24.95), ISBN 1-56079-734-7 (software only, $15 + $4.25 shipping).
501 pages. This book lists more than 770,000 awards
from 1,900 sources. It comes with a very nice Windows scholarship database
that provides the same information as in the
book, but in a convenient, searchable format. (A Macintosh version is
available upon request.) The software lets you enter a profile to find
a list of awards that match your interests. The matching award sources
can be sorted by name, deadline,
number of awards, and award amount. You can select a source for more
detailed information, such as the address and
description. The only flaw with this book is the claim that it lists
more than $2.5 billion in private aid. Peterson's calculated that figure
by summing the product of the high award amount with the number of awards.
This overestimates the total by at least a factor of seven. A more conservative
estimate would place the total amount of private aid listed at about
$500 million, which is still a considerable figure. The book also includes
state-controlled scholarships and grants, in addition to private aid.
Revised annually. To order a copy, call 1-800-EDU-DATA (1-800-338-3282)
x660 or 1-609-243-9111 x660 (x462 for Spanish), fax 1-609-243-9150,
write to Peterson's Guides, Dept. PWB, PO Box 2123, Princeton, NJ 08543-2123,
or send email to custsvc@petersons.com.
- Resource Guide to Student Financial Aid, 1st edition, Grayco
Publishing, West Warwick, Rhode Island, 1990. $24.95 plus
$1.40 postage and handling. Companion volume to The Federal Educational
and Scholarship Funding Guide. Step by step
instructions on how to get grants, loans, and scholarships. To order
a copy, write to Grayco Publishing, PO Box 1291, West Warwick, RI 02893.
- The Student Loan Forgiveness Directory, Fannie Mae Foundation
and National College Scholarship Foundation, 1996. ($22.00 plus $3.00
shipping and handling). This book contains a list of institutional loan
forgiveness programs. To order a copy, call 1-301-548-9423, fax 1-301-548-9453,
or write to The National College Scholarship Foundation, PO Box 8207,
Gaithersburg, MD 20898-8207.
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