See our full student loan guide

Employees who work for the public sector can have their loan balances forgiven after 10 years of service by taking out the Obama loan forgiveness plan. Teachers also qualify for deferment under the Obama loan forgiveness plan for forgiveness if they teach full time for five consecutive years at an elementary or a secondary low income school of teach a subject that is considered one in a shortage area.

Loans such as Perkins, Stafford and Douglas Scholarship Reduced Service loans are eligible for forgiveness or deferment. There is also a forgiveness program available under The National Defense Education Act, which forgives 15% of your loan for the first and second years of your teaching service, 20% for third and fourth year service and 30% for the fifth year of teaching service. It is a good idea to check with your school that made your loan to determine if there are any other rules you must comply with.

Teachers who teach in the State of Mississippi may be eligible under the William Winter Teacher Scholar Loan program. When you work one year, your loan is forgiven a year. If you work two years and teach in a shortage area, your loan is forgiven for two years. For more information about this program. you should contact the Mississippi Office of State Student Financial Aid, 3825 Ridgewood Rd., Jackson, MS 39211-6453 (601 982-6663). There is also a program for cancellation and forgiveness under The U.S. Dept. of Education for childcare providers. You can contact them for more information.

If you attend college before you enter the military, the maximum limit for repayment is $65,000. However, each branch of the military may have separate rules. The Army pays your loan up to $20,000 for Reservists and Army National Guard members. The Air Force will repay your loan up to $10,000. Navy Reserves will repay your loan up to $10,000. The Marine Corps, Coast Guard, and Air Force Reserves have no College Loan Repayment Program. The Air National Guard will pay your loan up to $20,000, for designated shortage jobs. Each branch of military repays your student loan money directly to your lender. You must complete one year of military active service and training before the first payment will be made. The military pays 33 1/3% of your outstanding balance each year or $1,500 whichever is more for every year you serve in the military. The Army and Navy Reserves pay 15% of your outstanding loan or $1,500 whichever is more for each year of service. The Air National Guard will pay 15% or $5,000 of your loan balance annually, whichever is more.

See our full military loan guide

When you serve in public interest or non-profit as a lawyer, there are many law schools that will forgive your law school loans. To find out more information, contact the Public Interest Law (1666 Connecticut Ave., Suite 424, Washington, DC, 20009; 1-202-466-3686). You can find similar programs for medical students if you agree after graduation to practice in an area that is economically depressed. There are a number of private hospitals and healthcare facilities that also offer student loan forgiveness programs to occupational therapists and physical therapists. To find out more information you can contact the American Physical Therapy Association (800-999-2782) or the American Occupational Therapy Association (301 652-2682).

If your school closed 90 days after enrollment and you could not complete your program, your loan will be partially or totally forgiven. Also, if your school did not qualify your status before you began the program, you are eligible for forgiveness. Other student loan forgiveness circumstances include if someone forged your signature or the school did not evaluate your ability to benefit from the studies program. If you become permanently disabled, or you pass away, your loan is forgiven. If for some reason your loan is discharged in bankruptcy, or you can prove an ever financial hardship, your student loan may also be forgiven. .

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