Voluntering, Cut Your College Cost

By Chaoran Hu

A big amout of expenses could be on the college tuition. College tuition is increasing 5% to 8% a year. Most of students are suffering greatly from this increase. If you are astonished by the amount of money you have to spend for your college, here are some suggestions to ease this burden.

1. Uncle Sam will forgive your debt loan

In order to be qualified for this program, one has to ve committed into the volunteer work.

Volunteering Loan Forgiveness Programs:
Americorps: Serve for 12 months and receive up to $7,400 in stipends plus $4,725 toward your loan -- that amount is likely to increase.
Peace Corps: Cancel 15% of your Federal Perkins Loan per year.
Volunteers in Service to America: Provide 1,700 hours of service and receive $4,725.

2. Loan forgiveness for teachers
If you would like to become a teacher for the low income families in the elementary school when you gradute, you can get a portion of your Perkins Loan Forgiven.

3. Cut medical or law school bills
Many law schools forgive the loans of students who serve in public-interest or non-profit positions. Go to the American Bar Association for a summary of loan repayment assistance programs.
Here's a sampling of some student loan forgiveness programs in health care:
National Health Service Corps
Nursing Education Loan Repayment Program

References:

http://money.cnn.com/2009/04/20/pf/saving/student_loan_debt_willis/index.htm?postversion=2009042011

http://www.collegeboard.com/student/pay/add-it-up/4494.html

http://www.timesdispatch.com/rtd/news/local/education/article/SCHV07_20090106-213126/170699/