By now you know that Stafford loans are not grants-they must be repaid, just as the master promissory note that you signed declares. However, you may have heard something about Stafford loan forgiveness. Is it true that some particular circumstances can disqualify or "forgive" your debt? Yes, there are and you can search for more information about Stafford loan forgiveness or Stafford loan cancellation. In order to qualify for Stafford loan forgiveness, you must be willing to contribute some community work in exchange for that lost money. This effort can be contributed by way of performing local volunteer work, military service, teaching, medical work or other miscellaneous activities.

If you are interested in working your debts off you could consult AmeriCorps; sign up for just a year's worth of volunteer activity and you can receive $7,400 in payments and $4,725 in credit towards your loans. The Peace Corps requires two years of service and has openings in several countries. Volunteers in Service to America offers volunteer work with private and nonprofit groups. With this organization, you can help feed the hungry and help the homeless. For 1,700 hours of service you can earn $4,725 in loan payments. Military service in the Army National Guard can count towards $10,000 of loan forgiveness courtesy of their Student Loan Repayment Program, not to mention their other scholarships and tuition assistance programs.

If you want to stay closer to home then you can always volunteer as a full-time teacher in an elementary or secondary school that teaches students from low-income families. However, not all schools are eligible for this Stafford loan forgiveness arrangement. Time commitments range from 1-2 years. There may also be opportunities in law schools and medical practice. Some organizations like the National Health Service Corps will offer loan forgiveness programs to physicians who agree to practice for a set number of years in underprivileged communities. However, you don't need to be a doctor to qualify; students have also volunteered as occupational and physical therapists. Finally, you can volunteer in the field of law enforcement for Stafford loan forgiveness. Some state trooper organizations are currently offering loan forgiveness arrangements for qualifying students.

If you have quit college or are unable to find a well paying job in order to pay your bills, then consider volunteering for worthwhile organizations as a means to "forgive" your expense. Just because you are in debt doesn't mean this is the end of opportunity!