What are the different types of loan forgiveness programs available?

What are the different types of loan forgiveness programs available?

There are several types of loan forgiveness programs, including Public Service Loan Forgiveness, Teacher Loan Forgiveness, and Income-Driven Repayment forgiveness. Each has specific eligibility requirements.

Can you tell me more about the Public Service Loan Forgiveness program?

Sure! The Public Service Loan Forgiveness program forgives the remaining balance on Direct Loans after you have made 120 qualifying monthly payments while working full-time for a qualifying employer.

What qualifies as a qualifying employer?

Qualifying employers include government organizations, non-profit organizations, and certain other types of public service employers. It's important to check if your employer meets the criteria.

Are there any other forgiveness options for teachers?

Yes, teachers may qualify for the Teacher Loan Forgiveness program, which can forgive up to $17,500 of Direct Loans if they teach in low-income schools for five consecutive years.