Student loan forgiveness is not a myth, it is true that you can write off your study loans by taking part in numerous programs available today. However, such student loan forgiveness opportunities are seldom advertised and that is why many graduates are not aware that they too are eligible to eliminate thousands of dollars from their educational loans. We give some examples of the types of student loan forgiveness programs, but it is best that you frequently check out all the relevant websites online so that you do not miss out on these enriching programs to gain working experiences while canceling off your student loans.

Stafford Loan Forgiveness for Teachers
The Teacher Loan Forgiveness Program is designed to incentize graduates to join the teaching profession. Students who teach full time consecutively for five academic years in low-income elementary and secondary schools can be eligible for up to $17,500 of student loan forgiveness off their Direct Program loans and FFEL loans. It will be easier to get the full student loan forgiveness benefits if you teach mathematics, science or special education to children with disabilities, and demonstrated exceptional knowledge and teaching skills in your curriculum. If you have defaulted on any Direct Program or FFEL loans, you are not eligible for this student loan forgiveness program. You must also not have received any student loan forgiveness benefits through the AmeriCorps Program under Subtitle D of Title I of the National and Community Service Act of 1990 based on the same teaching service you are trying to apply for the teacher loan cancellation.

Child Care Provider Loan Forgiveness
This student loan forgiveness program is created to attract more graduates to join the early childcare profession. Graduates with associate or bachelor degrees in early child care or early childhood education that have worked full time consecutively for two full years at eligible family service agencies and facilities providing child care services to low-income families can have 20 percent of their Federal Stafford Loans and Federal Direct Loan Program loans (and interests) cancelled. After the third consecutive year of full time employment, a child care provider can have another 20 percent of their student loan forgiven. This student loan forgiveness program can cancel 100% of the college loan as there will be yet another 30 percent loan cancellation after each of the fourth and fifth consecutive years of full time child care employment.

Public Service Loan Forgiveness
This new federal student loan forgiveness program is created to attract more highly educated individuals to join the federal service, non profit organizations or serve in a full-time AmeriCorps or Peace Corps position. You will be eligible to the Income-Based Repayment (IBR) plan which avoids any student loan consolidation problems you may otherwise encounter and after ten years of eligible employment and continued IBR payments, student loan forgiveness will be granted on any remaining debts.

Law Enforcement Officials Student Loan Forgiveness Program
Full time law enforcement and correction officers are eligible to have their Perkins student loans cancelled by the government. The student loan forgiveness benefits are 15% after the first year, 30%, 50%, 70% and finally the complete 100% after your fifth consecutive year of full time employment in the criminal justice system.

Student Loan Forgiveness for Nurses and Physicians
Physicians and registered nurses that decided to serve in qualifying regions lacking in adequate medical care can be eligible to having their student loans forgiven. For example, the National Heath Services Corps will cancel up to $35,000 of study loans for every full year of service in regions with extreme shortage of medical professionals and the Nursing Education Loan Repayment Program (NELRP) will forgive up to 60% of all your student loans for two years of service except any private student loans with bad credit you may have.

US Army Education Loan Repayment Program
The US Army is known for providing a wide array of sign on benefits and incentives to graduates who serve and protect the country. This Loan Repayment Program helps to forgive qualifying student loans from the Parent Loans for Undergraduate Students (PLUS) program, Supplemental Loans for Students (SLS), Stafford Loans, Perkins Loans, William D. Ford Loans and even consolidate student loans taken to pay for the student's college education costs. The Army will help to pay 33 1/3 percent or $1,500 of the qualifying student loans after every consecutive year of active duty within the army. The total student loan forgiveness provided by the Army Loan Repayment Program is $65,000.

National Guard Student Loan Repayment Program (SLRP)
The National Guard also offers a student loan forgiveness program that will repay up to $50,000 of college loans acquired after enlistment. There is also the 100% Tuition Assistance program that pays up $20,000 to cover 100 percent of your 4 years of college tuition. There are also other financial aids give to help you avoid having to use student loans with no cosigner etc to finance yourself through college expenses.

Volunteers in Service to America (Vista) or Peace Corps Volunteer Student Loan Cancellation
If you work for 1700 hours as a Peace Corps, VISTA or ACTION volunteer in any of the public service organizations focused on solving hunger, poverty, illiteracy etc, up to 70 percent of your college loan will be forgiven.

Student Loan Forgiveness for Providers of Early Intervention Services for the Disabled
Your Perkins student loan will be forgiven if you are a full-time qualified provider of early intervention services in eligible non-profit organizations. To qualify for this student loan forgiveness program, you must attain the relevant professional special educator degrees such as pediatricians, nurses, speech pathologists, physical therapists etc. Early intervention services include those that are designed to meet the growing developmental needs of toddlers and infants having a disability in physical, communication or cognitive development etc.

Note that the various public service student loan forgiveness programs are designed for graduates who pursue public service careers and are likely to have heavy debt and low in cash/income. These provide all-or-nothing student loan forgiveness benefits, meaning that you do not complete the minimum consecutive full time employment period, you may not get a pro-rated study loan cancellation.

If you have never heard about the above federal student loan forgiveness programs, guess what? There are even more lesser known college loan cancellation programs at the state or college or industry-specific levels. You may need to dig around on the web to find the most suitable student loan forgiveness opportunities to save thousands of dollars as well as join enriching careers!