Consider Loan Forgiveness Programs
Review all the options that apply below:
I have worked or currently work for a non-profit or government employer.
Consider pursuing Public Service Loan Forgiveness (PSLF)
- Requirements: Make 120 qualifying monthly payments under an Income Driven Repayment plan while working full-time (or 30 hours per week) for a qualifying employer, like a nonprofit or government.
- Benefits: Remaining loan balance is forgiven after 10 years of qualifying payments.
- Learn more.
I am a teacher.
Consider Teacher Loan Forgiveness:
- Requirements: Teach full-time for five consecutive years in a low-income school or educational service agency.
- Benefits: Up to $17,500 in loan forgiveness for qualifying teachers.
- Learn more.
- Caution: If your loan balance is high, you may opt to pursue PSLF instead of Teacher Loan Forgiveness. You can’t use the same years of service for both programs. If you use 5 years towards TLF, you will need to do an additional 10 years towards PSLF.
I went to a school that defrauded me or closed while I was enrolled or soon after I left.
If you were defrauded, consider Borrower Defense to Repayment:
- Requirement: Must have been defrauded by a school.
- Benefits: You may be eligible to discharge loans associated with that school.
- Learn more.
If you attended a school that closed, consider Closed School Discharge:
- Requirement: You attended a school that closed right before, during or right after you attended school and didn’t transfer to a similar program.
- Benefits: Your loans associated with the school that closed get discharged.
- Learn more.
I don’t think I will ever be able to repay my student loans.
Consider Income-Driven Repayment Forgiveness (IDRF)
- Requirement: Be enrolled in and make payments under an IDR plan like, SAVE, PAYE, IBR or ICR.
- Benefits: Remaining balance forgiven after 20-25 years of qualifying payments.
- Learn more.
I don’t qualify for the programs above.
Explore more options, depending on your situation, at Federal Student Aid. Don’t forget that some states may offer their own forgiveness programs that could help you as well.
