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HOW TO DEFER OR DISCHARGE STUDENT LOAN DEBT student loan forgiveness program

Types of Loan Forgiveness & Loan Discharge Programs

Has the jingling thought of student loans, ear wormed its way into your head?

Well, the good news is, there are multiple ways to have your student loans forgiveness Borrowing to pay for college is the easy part. Repaying the debt has a huge price tag. 


Are you bending over backwards to make your student loan payment. 

Take advantage of the many Student Loan Forgiveness programs.



Get your Student Loan Forgiveness Book

Public Service Loan Forgiveness

To be eligible for PSLF. You must work full time in the public or nonprofit sector for 10 years and make 120 on-time monthly payments in a qualifying repayment plan. After 10 years of qualifying payments, the federal government forgives the remaining loan balance. 

Student Loan Forgiveness for Teachers

 In addition to PSLF. Most Teachers can have $5,000 of loans forgiven. But you can have up to $17,500 forgiven if you are a “highly qualified” math or science teacher at a secondary school or a “highly qualified” special education teacher working with disabled children in your area of specific training 

What are the requirements?


  • You must not have had an outstanding balance on Direct Loans or Federal Family Education Loan (FFEL) Program loans as of Oct. 1, 1998, or on the date that you obtained a Direct Loan or FFEL Program loan after Oct. 1, 1998.
  • You must have been employed as a full-time, highly qualified teacher for five complete and consecutive academic years, and at least one of those years must have been after the 1997–98 academic year.
  • You must have been employed at an elementary school, secondary school, or educational service agency that serves low-income students (a "low-income school or educational service agency").
  • The loan(s) for which you are seeking forgiveness must have been made before the end of your five academic years of qualifying teaching service.


 

Student Loan Forgiveness for Nurses

The Federal Perkins Loan Discharge & Cancellation for Full-time Nurses. The federal government understands the pain of the nursing population. This program allows nurses to get up to 100 percent student loans forgiven. Medical technicians may also qualify for the program.  Explore your options here https://bhw.hrsa.gov/loansscholarships/nursecorps/lrp


There are tons of Student Loan Repayment  Assistance programs for Nurses. Explore your options here https://nhsc.hrsa.gov/loan-repayment/index.html

Loan Repayment Assistance for Doctore &Health Care Professionals

The National Health Service Corps Loan Repayment Program (NHSC LRP) The NHSC Loan Repayment Program offers up to $50,000 in Student Loan Forgiveness benefits to eligible Primary Care Medical, Dental or Mental/Behavioral

Health Clinicians willing to work at an NHSC approved facility in a high-need, underserved area. Explore your options here https://nhsc.hrsa.gov/loan-repayment/index.html

Loan Repayment Assistance for Lawyers

 

Loan repayment assistance programs (LRAPs) provide financial aid to law school graduates working in the public interest sector, government or other low-paying legal fields. Use this list to find law schools that offer loan repayment assistance programs. Heres a complete list of Loan Repayment Assistance programs for law school graduates.http://www.equaljusticeworks.org/resources/student-debt-relief/law-school-lraps/list-law-school-lraps



Veterans Loan Forgiveness

Military Personnel have access to a wide variety of loan forgiveness benefits, 

via several different programs. 

  •  The Military College Loan Repayment Program (CLRP)
  •  The Public Service Loan Forgiveness Program (PSLF) 
  • The National Defense Student Loan Discharge (NDSLD)

The College Loan Repayment Program (CLRP) is an enlistment incentive for new recruits to the U.S. military. Like other such incentives authorized by Congress, each of the services is free to offer the program as it sees fit in order to meet established recruiting goals. Explore you options here

https://www.thebalancecareers.com/military-college-loan-repayment-program-clrp-3332700


Perkins Loan Cancellation


You may be eligible to have all or a portion of your Federal Perkins Loan canceled

(based on your employment or volunteer service) or discharged (under certain conditions).


Teacher Cancellation

Up to 100 percent for five years of eligible service


Full-time Nurse or Medical TechnicianS cancellation

Up to 100 percent for five years of eligible service


Full-Time Firefighter  cancellation (for service that includes Aug. 14, 2008, or began on or after that date)

Up to 100 percent for five years of eligible service


Full-time qualified professional provider of early intervention services for the disabled cancellation Up to 100 percent for five years of eligible service


Full-time faculty member at a tribal college or university cancellation (for service that includes Aug. 14, 2008, or began on or after that date) Up to 100 percent for five years of eligible service


Full-time speech pathologist with master's degree working in a Title I-eligible elementary or secondary school cancellation (for service that includes Aug. 14, 2008, or began on or after that date) Up to 100 percent for five years of eligible service


Librarian with a Master's Degree working in a Title I-eligible elementary or secondary school or in a public library serving Title I-eligible schools cancellation (for service that includes Aug. 14, 2008, or began on or after that date)Up to 100 percent for five years of eligible service


Full-time Law Enforcement or Corrections Officer cancellation

Up to 100 percent for five years of eligible service


Full-time Attorney employed in a federal public or community defender organization cancellation (for service that includes Aug. 14, 2008, or began on or after that date) Up to 100 percent for five years of eligible service


Full-time employee of a public or nonprofit child- or family-services agency providing services to high-risk children and their families from low-income communities cancellation

Up to 100 percent for five years of eligible service


Full-time staff member in the education component of a Head Start program cancellation Up to 100 percent for seven years (at a rate of 15 percent per year for the first six years and 10 percent for the seventh year) of eligible service


Full-time staff member in the education component of a prekindergarten or child care program that is licensed or regulated by a state cancellation (for service that includes Aug. 14, 2008, or began on or after that date) Up to 100 percent for seven years (at a rate of 15 percent per year for the first six years and 10 percent for the seventh year) of eligible service


Military service in the U.S. armed forces in a hostile fire or imminent danger pay area cancellation Up to 50 percent for four years (at a rate of 12.5 percent per year) of eligible service for borrowers whose active duty service ended before Aug. 14, 2008 Up to 100 percent for five years of eligible service for borrowers whose active duty service includes or began on or after Aug. 14, 2008


AmeriCorps VISTA or Peace Corps volunteer cancellation Up to 70 percent for four years (at a rate of 15 percent for the first and second years and 20 percent for the third and fourth years) of eligible service


Note: As of Oct. 7, 1998, all Perkins Loan borrowers are eligible for all cancellation benefits regardless of when the loan was made or the terms of the borrower. 


Income Driven Repayment Loan Forgiveness

If your current student loan payment is more than 10% of your discretionary income and you're looking to lower your payments. You can lower your payment substantially. In some case your payments can be as low as ZERO dollars. Your payments will be based on your income and not what the bank wants you to pay. If you decided to enroll in this program.  Your remaining loan balance will be forgiven after 20 or 25 years, depending on  the program you choose. Such as: 

  • Income-Based Repayment program (IBR), your student loan payments are capped at 10% to 15% of your discretionary income. 
  • Pay As You Earn (PAYE), The PAYE program caps your monthly payment at 10% of your discretionary income.
  • Income-Contingent Repayment (ICR)  You’ll either pay 20% of your discretionary income or what you’d pay on a fixed 12-year plan, whichever is less.

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DIY Loan Forgiveness & Loan Discharge

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