Public Service Loan Forgiveness

If you’re employed by a government or not-for-profit organization, you may be able to receive loan forgiveness under the Public Service Loan Forgiveness Program . To qualify, you must be a full-time employee at a federal, state, or local government agency or at a 501(c)(3)-designated organization. Religious-based nonprofits are excluded. How can you become eligible?…

Forgiveness with Income-Based Repayment (IBR)

While this isn’t a forgiveness program in the typical sense, you can get your loans forgiven through the Income-Based Repayment program. Generally 10 percent of your discretionary income if you’re a new borrower on or after July 1, 2014*, but never more than the 10-year Standard Repayment Plan amount Who’s eligible? Your IBR payments must…

Forgiveness with Pay As You Earn (PAYE)

Pay As You Earn (PAYE) is similar to Income-Based Repayment in that it isn’t a typical forgiveness plan.Generally 10 percent of your discretionary income, but never more than the 10-year Standard Repayment Plan amount Your Pay As You Earn payments must be less than what they would be under the 10-year standard repayment plan. You…

Forgiveness with Revised Pay As You Earn (REPAYE)

Revised Pay As You Earn (REPAYE) works much the same way as Pay As You Earn. Generally 10 percent of your discretionary income. Borrowers with undergraduate loans must make consistent payments for 20 years. Those with loans for graduate school or professional study must make payments for 25 years.  

Forgiveness with Income-Contingent Repayment (ICR)

Income-Contingent Repayment also adjusts your monthly payments according to your income. You’ll either pay 20% of your discretionary income or what you’d pay on a fixed 12-year plan, whichever is less. While ICR might not lower your payments as much as other plans, it does have one advantage. ICR is the only income-driven plan available…

Federal Perkins loan cancellation

If you took out a federal Perkins loan to pay for school, you could qualify for loan cancellation in a variety of ways. Who’s eligible? Perkins loan cancellation is a popular program among teachers, as many people who work in education might qualify. You might be a teacher, librarian, speech-language pathologist, or another type of…

Student loan forgiveness for teachers

There are several loan forgiveness and repayment assistance programs for teachers. Aside from Public Service Loan Forgiveness and federal Perkins cancellation, there are a few other programs specifically for teachers. Teacher Loan Forgiveness This national loan forgiveness program helps teachers pay back their student loans. You must work in a qualifying school for at least…

Student loan forgiveness for nurses

Nursing is a great profession for student loan forgiveness options. The requirements for becoming a nurse require a solid education foundation, especially since more responsibility as a nurse requires more schooling. The NHSC and Nurse Corps programs build healthy communities by providing scholarships and loan repayment to health care providers in exchange for working in…

Loan repayment assistance for doctors and other health care professionals

While pursuing a career in pharmacy can lead to a six-figure salary, it can also lead to six-figure student loan debt . Doctors have a number of  loan forgiveness options. A lot of these   programs  awards money to other health care professionals, such as pharmacists. To learn more Click on the following  link:  https://bhw.hrsa.gov/loansscholarships

Loan repayment assistance for lawyers

Many incoming law students profess a desire to practice public interest law upon graduation. For whatever reason, a humongous percentage of these end up employed in the private sector. Perhaps some had a legitimate change of heart. A lucky few voluntarily chose a prestigious firm with a lucrative salary. Others never intended to work in…