What are the different types of student loan forgiveness programs?

What are the different types of student loan forgiveness programs?

There are several types of student 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 (PSLF) program forgives the remaining balance on Direct Loans after 120 qualifying monthly payments while working full-time for a qualifying employer, such as a government or non-profit organization.

What about Teacher Loan Forgiveness?

Teacher Loan Forgiveness is available for teachers who work in low-income schools or educational service agencies. They can receive forgiveness of up to $17,500 on their Direct Loans after five years of qualifying service.

Are there any income-driven repayment plans that offer forgiveness?

Yes, income-driven repayment plans, like REPAYE, PAYE, and IBR, can lead to forgiveness after 20 or 25 years of qualifying payments, depending on the plan.