InsightsFrenzy.com | Discover Insightful Content

How to get student loan forgiveness

Student loans pose a huge burden for most of those who are pursuing their higher education. You can obtain relief from this financial stress if you can qualify for a federal student loan forgiveness. You can choose four programs to rule out or diminish your federal student loan balance based on the job or repayment plan that you choose. These programs are listed below:

Teacher Loan Forgiveness
In the case of Teacher Loan Forgiveness, your loan balance can be canceled or reduced in just five years.

If you have a long-term teaching career plan, you can use both the Public Service Loan Forgiveness and Teacher Loan forgiveness for a period of 15 years. Only direct loans and Stafford loans are eligible. Your chances of qualifying for the Teacher Loan Forgiveness are higher if you have taught or plan to teach full time for five years in low-income public schools with a loan balance of around $17500 or less. This is valid only for teachers who have taken a loan after October 1st, 1998.

Public Service Loan Forgiveness
Your direct federal loans can be forgiven if you have worked or plan to work for the government or for non-profit organizations for a minimum period of 10 years. You will be eligible for a Public Service Loan Forgiveness if you have repaid the full monthly loan installment on time using an income-driven repayment plan. This program was kickstarted in October 20017; hence, only those who have made all the 120 repayments since the date can qualify for a Public Service Loan Forgiveness.

Perkins Loan Cancellation
Up to 100% of a borrower’s Federal Perkins Loans can be forgiven if they work or have worked in a public service job for at least five years. Public school teachers, police offers, nurses, and firefighters are individuals who normally qualify for this student loan forgiveness.

Income-driven Repayment
You are eligible for a student loan forgiveness if you adopt an income-driven repayment plan such as Pay As You Earn (PAYE) or Revised Pay As You Earn.

Disclaimer:

The content provided on our blog site traverses numerous categories, offering readers valuable and practical information. Readers can use the editorial team’s research and data to gain more insights into their topics of interest. However, they are requested not to treat the articles as conclusive. The website team cannot be held responsible for differences in data or inaccuracies found across other platforms. Please also note that the site might also miss out on various schemes and offers available that the readers may find more beneficial than the ones we cover.

Popular Articles

Understanding the basics of student loan forgiveness

A student loan is one of the most important reasons behind an increasing financial crisis. A lot of students end up in debt and are unable to make the repayment of their loans.

Different student loan forgiveness options

Students who’ve chosen to walk the path of medical, law, military or teaching, keep reading to know about the options available for student loan forgiveness. For those who aspire to serve the country Students who plan to become a member of the armed forces, you’re automatically eligible for student loan forgiveness.

Student Loan Forgiveness for four types of students

Students who’ve chosen to walk the path of medical, law, military or teaching, keep reading to know about the options available for student loan forgiveness. For those who aspire to serve the country Students who plan on becoming a member of the armed forces, you’re automatically eligible for student loan forgiveness.

Valuable tips on Public Service Loan Forgiveness

If you get a student loan forgiveness, then you can end up saving thousands of dollars from student loans. If you take up a job in public services, then you may qualify for a Public Service Loan Forgiveness.

Important tips on Public Service Loan Forgiveness

If you get a student loan forgiveness, then you can end up saving on thousands of dollars from student loans. If you take up a job in public service, then you may qualify for a Public Service Loan Forgiveness.

Here’s what you should know about student loan forgiveness

The federal money direct loan program is nicknamed student loan forgiveness program. Originally named William D Ford loan program, it is commonly referred to as Obama student loan forgiveness program.