While any lender could theoretically forgive a debt this process primarily occurs where government approved programs are used to forgive federally subsidized loans.
These programs of forgiveness were created to incentivize certain types of employment, assist former students with lower income jobs, to compensate for disabilities etc.
The government has many loan forgiveness and income-based repayment programs that can lower your monthly student loan payments up to 85%. In some instances ZERO payments with loan forgiveness.
There are four ways borrowers can have their federal student loans forgiven through a variety of government programs.
Qualifying Loan Types:
Under PSLF, all Direct Loans qualify, including:
You may also qualify for Loan Discharge. Under the following conditions: