5 ways to get student loan forgiveness

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Here are 5 ways to get student loan forgiveness.

Here’s what you need to know.

Student loans

With student loan relief coming to an end, you may be wondering if it’s possible to get student loan forgiveness. The good news is that there are billions of dollars available for student loan forgiveness. That said, there are requirements, and many of these options won’t give you immediate student loan forgiveness. However, if you’re serious about student loan forgiveness, here are some viable options. Let’s explore.


1. Forgiveness of the civil service loan gives total cancellation of the student loan

You may not work in the “civil service,” but you might want to consider the civil service loan forgiveness program as a route to student loan forgiveness. This program will provide you with full federal student loan forgiveness. (Do you qualify for $5 billion in student loan forgiveness?) To qualify, you will need to meet at least the following requirements, among others:

  • have federal student loans;
  • work full-time for a qualified public service or non-profit employer;
  • make 120 monthly student loan payments;
  • enroll in an income-driven repayment plan; and
  • make at least the majority of student loan repayments under the income-contingent repayment plan.

Be sure to file an employer certification with the US Department of Education each year and each time you change jobs. This will help ensure that your employer qualifies for student loan forgiveness. If you have FFELP or Perkins loans, you should consolidate student loans into a direct consolidation loan as soon as possible.


2. Income-Based Reimbursement Lowers Your Payments

Want a lower student loan repayment? (7 ways to get a lower student loan repayment). Income-driven repayment plans are especially helpful for student borrowers who are struggling to repay their federal student loans. Your monthly student loan payment will be based on your discretionary income and family size.

There are four main income-based repayment plans:

  • Income Based Reimbursement (IBR)
  • Pay as you earn (PAYE)
  • Pay As You Earn Review
  • Income Contingent Reimbursement (ICR)

After 20 years (undergraduate student loans) or 25 years (graduate student loans) of payments, you can get student loan forgiveness on the remaining balance of your federal student loan.


3. Total and permanent disability can lead to the cancellation of your student loans

If you suffer from a total and permanent disability, you could obtain the total cancellation of your student loan. President Joe Biden has canceled more than $5 billion for student borrowers with total and permanent disabilities. The US Department of Education is streamlining this process for borrowers, including using data matching with the US Department of Defense and the Social Security Administration.


4. Teacher loan forgiveness is another option to get student loan forgiveness

The Teacher Loan Forgiveness program helps teachers get student loan forgiveness. However, the amount of student loan forgiveness is lower than that of the civil service loan forgiveness program. As a teacher, you can earn up to $17,500 in federal student loan forgiveness. To be eligible, you must:

  • have been employed as a full-time teacher for five full, consecutive academic years
  • Been employed in an elementary school, high school, or educational service organization that serves low-income students.

5. Student loan forgiveness is possible if your college cheated on you

Borrower defense to repayment is an Obama administration rule that protects student borrowers who have been misled by their college or university. This can include several examples, ranging from misleading employment statistics to false promises about tuition or accreditation. With the defense of the borrower until repayment, you could obtain a partial or total forgiveness of your student loan.


Student loans: next steps

It is possible to apply for one or more of these programs, if you think you qualify. With temporary student loan relief due to the end of the Covid-19 pandemic, it is essential that you start taking action on your student loans now. There is no guarantee that Congress or the President will pass large-scale student loan forgiveness. So please take alternative and proactive measures for your student loans. Consider all your options to maximize your savings.

Here are some popular options for student loan repayment:


Student Loans: Related Reading

Here’s who won’t get student loan forgiveness

Are you eligible for $5 billion in student loan forgiveness?

How to Get $1.7 Billion in Student Loan Forgiveness

7 Ways to Get a Lower Student Loan Repayment

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