Student loan forgiveness can be a lifesaver for those struggling to pay off their education debt. However, it’s important to understand that not all student loans are eligible for forgiveness. In this guide, we’ll cover the different student loan forgiveness programs available and help you determine if you qualify.
Public Service Loan Forgiveness (PSLF)
The Public Service Loan Forgiveness (PSLF) program is available to borrowers who work in the public sector, including government and nonprofit organizations. To qualify, you must make 120 qualifying payments while working in a public service job and have Direct Loans.
Teacher Loan Forgiveness
Teachers who work in low-income schools or educational service agencies may be eligible for the Teacher Loan Forgiveness program. Depending on the type of loan and the length of service, borrowers can receive up to $17,500 in loan forgiveness.
Income-Driven Repayment (IDR) Plans
Income-Driven Repayment (IDR) plans are available to borrowers with Direct Loans and Federal Family Education Loan (FFEL) program loans. Under IDR plans, your monthly payments are based on your income and family size, and any remaining loan balance is forgiven after 20 or 25 years.
Military Service Loan Forgiveness
Active duty service members and veterans may be eligible for loan forgiveness through programs such as the Military Service Loan Forgiveness, Veterans Affairs Loan Forgiveness and Military Service Deferment.
Other Loan Forgiveness Programs
In addition to the programs above, there are other loan forgiveness programs available for specific professions and circumstances. For example, the Nurse Corps Loan Repayment Program is available to licensed practical and registered nurses, nurse practitioners, and nurse faculty.
Conclusion
Student loan forgiveness can provide much-needed relief for borrowers struggling to repay their education debt. However, it’s important to understand that not all student loans are eligible for forgiveness. By understanding the different student loan forgiveness programs available, you can determine if you qualify and take steps to have your loans forgiven. It is always best to consult with a loan forgiveness expert for more information.
It is important to note that loan forgiveness program can be complex and subject to change, it is always best to consult with a loan forgiveness expert for more information.