Student loan forgiveness is not as uncommon as you may think. In fact, there are several programs designed to eliminate or greatly reduce student loan debt for certain types of borrowers. These student loan relief programs are provided by the federal government and available to those who meet the criteria of each one.
Are you looking for ways to eliminate your own student loan debt? Find out if you qualify for student loan forgiveness by learning about all student loan debt relief programs available.
Student loan forgiveness might sound too good to be true, but there are several ways to achieve it. In fact, the government offers several student loan relief programs to help borrowers get rid of substantial debt. To qualify for any federal student loan relief program, you must have one or more federal student loans. Private student loans are not eligible for forgiveness through any government program.
The Public Service Loan Forgiveness (PSLF) program is available to borrowers who work for the government or a non-profit organization. To qualify, they must meet the following criteria:
- Be enrolled in an income-driven repayment (IDR)
- Make 120 payments
Those who meet these requirements can have their remaining loan balance forgiven tax-free.
The Teacher Loan Forgiveness program is designed to help reduce student loan debt for school teachers. To qualify, they must meet the following criteria:
- Be employed in a low-income public school
- Teach for five consecutive years
- Taken out loans after October 1, 1998
This student loan forgiveness program will completely eliminate student loan debt for teachers. Those who qualify can have about $17,000 removed from their remaining loan balance.
In addition to these federal programs, there are other ways to manage and reduce student loan debt. These include:
- Perkins Loan Cancellation – Based on employment type or volunteer service
- Closed School Discharge – If your college or university closes while you are enrolled or shortly after withdrawal
- Military service – Department of Defense (DoD) repayment options
- Total and Permanent Disability Discharge