Here is a typical query from clients who have gotten school loans: Is it really feasible to get aid paying down or having my federal student loans forgiven?
Yes, is the response.
To be eligible for loan forgiveness or repayment assistance, you must fulfill a number of extremely strict criteria. You don’t have to pay back your debt in full or in part if you receive loan forgiveness.
Check out the alternatives we’ve provided below; you never know what you might be qualified for.
1. Loan forgiveness for educators(Teachers)
You may qualify for forgiveness of up to a combined total of $17,500 on eligible federal student loans if you teach full-time for five consecutive academic years in selected elementary or secondary schools or educational service organizations that serve low-income families and satisfy other requirements. Learn more about the Teacher Loan Forgiveness program.
2. Forgiveness of Public Service Loans (PSLF)
After making 120 qualifying payments, or 10 years of payments, if you are employed full-time by the government or a non-profit, you may be eligible to have your Direct Loans’ whole outstanding balance forgiven. You should repay your federal student loans using an income-driven repayment plan in order to qualify for PSLF. Discover more about PSLF right now! If PSLF interests you, you can create a form to send to MOHELA, the PSLF servicer, using the PSLF Help Tool. You may be qualified for Temporary Expanded Public Service Loan Forgiveness if PSLF refused you loan forgiveness because some or all of your Direct Loan payments were paid under an unapproved repayment plan (TEPSLF). Discover more about TEPSLF and how to apply for this limited-time opportunity.
3. Plans for Income-Driven Repayment (IDR)
Any outstanding balance on your student loans will be forgiven if you choose a repayment strategy based on your income after you have made a specific number of payments over a specific amount of time. Find out how to apply and about IDR plans.
4. Active Duty Military
The U.S. Department of Education and the U.S. Department of Defense both offer exceptional perks and loan repayment choices in appreciation for your service to our nation. Benefits include interest rate restrictions provided by the Department of Defense’s student loan repayment programs and the Servicemembers Civil Relief Act. Find out more about the advantages of federal student loan programs for U.S. military personnel.
Participants who complete a term of national service in one of the authorized AmeriCorps programs—AmeriCorps VISTA, AmeriCorps NCCC, or AmeriCorps State and National—are eligible to receive the Segal AmeriCorps Education Award. You are qualified to receive a Segal AmeriCorps Education Award after successfully completing your service, which you can use to pay back eligible student loans.
For more on various types of loan forgiveness and discharge that may be accessible if you fulfill specific requirements, visit the “Student Loan Forgiveness” page.
If you require assistance repaying your federal student loans but none of the aforementioned choices apply to you, speak with your loan servicer to learn about your possibilities.
- change your payment schedule to reduce your monthly payments,
- combine several government loans into one, maybe with a cheaper monthly payment, or
- To temporarily delay or lower your payments, submit an application for deferral or forbearance.