What are the different types of student loan forgiveness?
An example of an AI chatbot conversation about student loan forgiveness options.
What are the different types of student loan forgiveness available?
There are several types of student loan forgiveness programs, including Public Service Loan Forgiveness, Teacher Loan Forgiveness, and Income-Driven Repayment forgiveness. Would you like details on any specific program?
Can you explain the Public Service Loan Forgiveness program?
Sure! The Public Service Loan Forgiveness (PSLF) program forgives the remaining balance on Direct Loans after you make 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 offers up to $17,500 in forgiveness for teachers who work in low-income schools for five consecutive years. Eligibility depends on the type of loan and the subject you teach.
Are there any income-driven repayment plans that offer forgiveness?
Yes, income-driven repayment plans can lead to forgiveness after 20 or 25 years of qualifying payments, depending on the plan. This is a great option for borrowers with lower incomes.
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