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VOMI Loan Forgiveness Program


Upon completion of program, VOMI Financial Aid may forgive all or part of a student's loan based on needs, qualifications, and an estimate of student's potential earnings after graduation.

The amount of such award depends on one or more of the following criteria:

  • Academic Excellence.   If you graduate in the Top 5% of your class, up to 20% of your debt can be forgiven.
  • Volunteer Activities.   Participate in volunteer activities with VOMI-approved, private, self-empowering, non-profit organizations that help eradicate hunger, homelessness, disease, poverty, and illiteracy.

    Provide 200 hours of satisfactory service and receive $5000 of debt cancellation.

  • Tutoring.   Subject to qualification and VOMI Financial Aid approval, provide Business English tutoring to VOMI international students and receive up to $1200 of debt cancellation.
  • Teaching at VOMI.   Master Designation Program graduates who are offered and accept full-time teaching employment at VOMI receive a retroactive 0% interest rate on their student loan during their term of employment at VOMI. As well, after 6 months of teaching, VOMI has the sole option--however, it is not obligated--to cancel the entire student debt based on teaching performance, total financial burden, total earnings and repayment ability. Otherwise, it will cancel a student debt based on the following years of service: Year 1 - 15% of loan; Year 2 - 30% of loan; Year 3 - 55% of loan
  • Teaching in Public Schools.   Master Designation Program students who become full-time teachers in a public elementary or secondary school immediately after--but no later than 90 days from--graduation receive the following debt cancellation for the following years of teaching service:
    • Year 1.   25% of loan forgiven
    • Year 2.   35% of loan forgiven
    • Year 3.   40% of loan forgiven

  • Death.   In the event of your untimely passing.
  • Disability.   If you become totally and permanently disabled, 100% of your remaining debt is forgiven, subject to verification.
  • VOMI Extra-Curricular Activities.   Participation in VOMI-sponsored and approved extra-curricular activities may result in up to 50% of loan forgiven.
  • Chairman's Award of Excellence.   Each recipient of the Chairman's Award of Excellence for outstanding contribution to VOMI, as well as for conduct above and beyond the call of duty, will receive a 100% loan cancellation, regardless of financial needs or repayment abilities.

 

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