There are several ways to get student loan forgiveness:
- Public Service Loan Forgiveness (PSLF) program: This program forgives the remaining balance on your Direct Loans after you have made 120 qualifying monthly payments while working full-time for a qualifying employer. To qualify, you must work for a tax-exempt government or nonprofit organization under section 501(c)(3) of the Internal Revenue Code.
- Teacher Loan Forgiveness: If you have been teaching full-time for five consecutive years in a low-income school or educational service agency, you may be eligible for forgiveness of up to $17,500 on your Direct Subsidized and Unsubsidized Loans and your Subsidized and Unsubsidized Federal Stafford Loans.
- Perkins Loan cancellation: If you are a teacher, nurse, or member of the military, you may be eligible for cancellation of a portion of your Perkins Loans. The amount of cancellation you are eligible for depends on your occupation and the length of time you have served in that occupation.
- Income-driven repayment plans: If you have high student loan payments relative to your income, you may be eligible for an income-driven repayment plan, which can lower your monthly payments. If you make payments under an income-driven repayment plan for a certain number of years (20 to 25 years, depending on the plan), the remaining balance on your loan may be forgiven.
- Other loan forgiveness programs: There are also other loan forgiveness programs available for specific occupations, such as lawyers, doctors, and social workers. These programs may forgive a portion of your student loans in exchange for a period of service in a specific field.
Featured Image Credit: The College Investor
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