Yes, college loans can be forgiven in full or in part depending on your profession and certain service criteria.The government has various types of student loan forgiveness programs available for people in a certain profession who contribute to the economy’s well being.
If you have been a full time teacher for at least 5 consecutive years in a low-income school district and have borrowed funds through the Federal Stafford Loan Program, then you can apply for loan cancellation (Federal Teacher Loan Forgiveness Program). The main purpose of this program’s existence is to encourage students to enter the teaching profession in certain elementary schools or secondary schools that provide education to low-income families. Teachers who meet the qualifications for this assistance can receive anywhere from $5,00 to 17,500 of their student loan forgiven. Typically, secondary science and math teachers or special education teachers receive the most benefits from this program. you can find more details and eligibility requirements for this program here http://www.tgslc.org/pdf/teacher_loan.pdf
Social workers who work full time in child welfare, public defense, fire fighting, law enforcement, educators, nurses and those engaged in servicing the public sector may enjoy college loan forgiveness as long as they qualify based on the indicated provisions in the Higher Education Act and the College Cost Reduction Act of 2007.
Medical practitioners who work in certain geographical areas that are under-served may also avail of the loan forgiveness program which allows up to $25,000 in student loan forgiveness if qualified (full time service in the specified geographic area for at least 2 years). This includes dentists, primary care physicians, midwifes, etc.
Those in the Peace Corps, for example, may qualify to have 15% of their outstanding loan balance canceled for every year they serve in the Peace Corps. Four full years of service can amount to 70% cancellation of the entire loans balance. Find out more about the Peace corps forgiveness program at PeaceCorps.gov.
Other popular volunteer programs such as Americorps and Volunteers in Service to America (Vista) have similar loan forgiveness assistance as mentioned above.
Lawyers and law students may avail also of partial loan cancellation for as long as they provide their services for free and work in agencies that cater to the public interest or are non-profit in nature.
There are a variety of student loan forgiveness programs available to individuals depending on their profession. If you are struggling to manage your student loans it would be wise to research the different type of programs because it may just save you the headache of trying to manage this debt for years to come.