If you have Federal Student Loans you may qualify for any of the student loan forgiveness programs that are available to borrowers. You may be eligible for principal reduction, loan forgiveness, or a complete loan discharge depending on your individual circumstance.
If you are suffering from a financial hardship, you may be eligible for an Income Based Payment. In this repayment program, you would have a payment based on your income and family size. The payment could be as low as $0.00 per month, with forgiveness at the end of 20-25 years.
Loan consolidation will take all your federal student loans and combine them into one new loan. You will have only one lender, one monthly payment, and you are able to choose a payment plan that fits within your budget. By consolidating you also may become eligible for loan forgiveness.
Teacher Loan Forgiveness
The Teacher Loan Forgiveness program is arguably the most beneficial of all the forgiveness options.
Teaching is one of the most important professions, but it’s at risk of losing top talent due to low pay and long hours. However, student loan forgiveness for teachers could help reverse that trend.
Public Service Loan Forgiveness
Did you know if you work in the public sector, your loans can be forgiven after 120 qualifying monthly payments?
If you work for a city, state, federal organization or a non-profit you may qualify for the Public Service Loan Forgiveness program. The position at your place of employment is not considered for PSLF, but you must be consolidated and in a income driven repayment plan. The balance on your federal student loans after 120 qualifying payments is forgiven.
Permanent Disability Discharge
Did you know if you are Permanently Disabled, you may qualify for Total & Permanent Disability Discharge on your Federal Student Loans?
If you have been permanently disabled, or your disability can be expected to last at least 60 months or in death, you may qualify for permanent disability discharge. Seeking Permanent Disability Discharge on your federal loans will require a visit to your doctor and make you subject to a three year post discharge monitoring period.