How To Get Student Loan Forgiveness?

Updated: November 28, 2022
There are a few ways to get student loan forgiveness, such as through public service, working for a non-profit, or teaching in an underserved area. You can also look into income-driven repayment plans, which can offer loan forgiveness after 20-25 years.
Detailed answer:

If you are struggling to make your student loan payments, there are ways to get your loans forgiven!

To start, make sure you are on an income-based repayment plan. If you have Federal Perkins Loans and Direct Subsidized or Unsubsidized Loans, consolidating them into a single Direct Consolidation Loan will lower the interest rate on your loans and allow you to qualify for an income-based repayment plan.

Next, talk with your employer about signing up for the Student Loan Repayment Program. This program allows employers to pay off the employee’s student loans in exchange for service.

Get all of these things done before applying for Public Service Loan Forgiveness (PSLF) or Teacher Loan Forgiveness (TLF). These programs require borrowers to make 120 payments under an eligible repayment plan, which means that it may be best to consolidate first and then apply for forgiveness after making those 120 payments.

In addition to these programs, there are several others that may help reduce or eliminate your student loan debt. If any of these apply to you, contact us today so we can help!

How To Get Student Loan Forgiveness?. (2022, Sep 20). Retrieved from https://graduateway.com/qa/how-to-get-student-loan-forgiveness/