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 500 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. 15% of loan forgiven
- Year 2. 15% of loan forgiven
- Year 3. 20% of loan forgiven
- Year 4. 20% of loan forgiven
- Year 5. 30% 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.