You may have heard about student loan forgiveness. But do you have any idea of whether or not it is really possible to get your loan repaid or if you qualify for this forgiveness program? Well, you have come to the right place. We will help you find out answers to all your questions in this regard.
Let’s find all the nitty-gritty of student loan forgiveness.
What is student loan forgiveness?
It is the cancellation of entire or some part of your existing student loan balance. In other words, it is a program designed for cancellation of your student loan balance. If your existing loan is forgiven through this program, then you won’t be required repaying the loan any more.
Is it possible to get the loan forgiven?
Yes, federal student loans can be forgiven through this program provided you should meet certain eligibility criteria. If you meet the requirement, you must go for investigating matters you need to know in order to get your loan waived.
How to get your loans forgiven?
There are many situations under which you can surely have your loan balance forgiven. Some of them are given in this article. However, you can find information of student loan forgiveness options at https://www.studentaid.ed.gov/repay-loans. You can also find information on repaying your loan at http://nomorecreditcards.com/debt-consolidation/student-loan-consolidation/ . You must talk to your loan provider for any query regarding forgiveness of your student loan.
Here are some situations in which your federal student loan can be waived.
- Public Service Loan Forgiveness or PSLF – If you’re a public servant, you may be qualified for waiver of remaining balance of your existing Direct Loans only if you’ve made at least 120 qualifying payments or about 10 long years of payment on those loans. If you’re employed in AmeriCorps or Peace Corps, then also you’re likely to qualify for the forgiveness program. You may refer to Public Service Loan Forgiveness for more information.
- Teacher Loan Forgiveness – If you’ve been teaching for 5 consecutive and complete academic years in some particular elementary and secondary schools as well as educational services agencies that work for low-income households and meet other required qualifications, you might be eligible for forgiveness up to certain amount on some specific federal student loans.
There are some other situations that may also allow you to apply for waiver of federal student loans. For instance, if you’re completely and permanently disabled, working in the U.S. armed forces that serve in places of hostility, employed at Peace Corps, or corrections or law enforcement office, you may qualify for waiver of a part of existing federal student loan. You may refer to http://nomorecreditcards.com/ for loan relief programs.
Please note there are many resources that may help you repay your loan. Apart from loan forgiveness and other benefit programs, you may also find some other options if you’re facing hard time or troubles in making loan repayment. You must consult your loan provider for all such options.