There’s so much information out there on how to get federal student loans forgiven that it can be hard to figure out what options are available for you. If you’re struggling to make your payments each month, it may be time to consider federal student loan forgiveness programs. These programs can help you get your loan amounts reduced or cancelled.
As opposed to private loans, federal student loans may qualify you for a student loan forgiveness program. However, it’s best to examine the federal student loan forgiveness programs available so you can determine the best possible option for your situation.
Options for Federal Student Loan Forgiveness
There are a variety of ways to get federal student loans forgiven. For example, you may qualify for loan forgiveness if you work in the public sector, or if you become permanently disabled. A forgiveness program for your federal student loan can help you reduce the amount of money that you have to pay back. You may also qualify for a loan cancellation or discharge under special circumstances. There are different options available on how to get federal student loans forgiven:
Teacher Loan Forgiveness
The Teacher Loan Forgiveness Program is a federal program that provides incentives to college graduates who have been teaching full-time at low-income schools for five consecutive academic years. It is the government’s way of thanking teachers for their hard work and to encourage them to continue teaching at high-need schools.
Public Service Loan Forgiveness
The Public Service Loan Forgiveness (PSLF) program is a federal student loan repayment assistance program that forgives the remaining balance of your loan on the condition that you have already made 120 monthly payments while working full-time in public service jobs. The PSLF program was created to encourage professionals to work in low-paying but critical jobs, including teachers, social workers, first responders, and military personnel.
Closed School Discharge
The Closed School Discharge program may forgive student loans if the borrower’s school suddenly closes. This program is intended to help students who were wrongly left without a school or degree, including students who have faced financial hardship as a result of the school closing.
Total and Permanent Disability Discharge
Students who have a total and permanent disability may be eligible for a discharge of their federal student loan debt. The definition of total and permanent disability is very specific. If you are not sure that you meet the criteria, it’s best to reach out to your student loan servicer for assistance before submitting any paperwork.
There’s Hope in Federal Student Loan Forgiveness
We can all relate to wanting a better future. One of the best ways to ensure you have more financial freedom and security is to pay off your student loans. But, if paying off your student debt has become harder than expected, you can always apply for federal student loan forgiveness. Learn more about how to get federal student loans forgiven with the viable options provided.