Different Kinds of Student Loan Forgiveness

A few different options of student loan forgiveness programs are available. In general, there are three categories: federal student loan forgiveness, state-sponsored student loan forgiveness, and job specific student loan forgiveness.

Federal Student Loan Forgiveness

The most broadly utilized loan forgiveness programs are usually federal programs. These federal student loan forgiveness plans are focused on certain fields, such as teaching, and the nursing and medical professions. Comparable to state programs, the requirements and guidelines for qualification tend to be highly specific.
Job Specific Student Loan Forgiveness

Job Specific Student Loan Forgiveness

Some private employers offer student loan debt forgiveness with the intention to attract employees. These programs work in a way that’s much like state and federal programs.
state sponsored student loan forigveness

State Sponsored Student Loan Forgiveness

Many states offer loan forgiveness programs that work in a way similar to federal loan forgiveness programs. Requirements usually include that someone is a resident of the state for a particular amount of time, and they will usually need to work in certain careers, often within the public sector.

Student debt relief is a few steps away!

Student Loan Forgiveness from an Income-Driven Repayment Plan

You can also receive student loan forgiveness after making a certain number of payments under an income-driven repayment schedule. These plans reduce your student loan payments to a certain percentage (usually 10% - 20%) of your discretionary salary. After 20 or 25 years of payments under this plan, your leftover balance could possibly be forgiven.
Here is a quick breakdown of the different plans and how long they will require you to make payments for. For more information and eligibility requirements, please visit our income-driven repayment plans guide.

Income-Based Repayment (IBR) enrolled before 7/1/14: Repayments are 15% of discretionary earnings for 25 years.

Income-Based Repayment (IBR) signed up after 7/1/14: Payments are 10% of discretionary earnings for 20 years.

Pay As You Earn (PAYE): Repayments are 10% of discretionary earnings for 20 years.

. Revised Pay As You Earn (REPAYE): Installments are 10% of discretionary earnings for 20 years (undergrad loans) or 25 years (graduate and specialist loans)

Income-Contingent Repayment (ICR): Repayments are 20% of discretionary income OR the quantity you would pay on a repayment plan with a set payment over 12 years, modified to your income. Payments must be made for 25 years.

See if you qualify for student loan forgiveness!

Our certified student debt counselors are ready to assist you. It only takes about 15 minutes for your free evaluation to determine whether or not you qualify for student loan forgiveness or discharge! To get started, you may fill out the preliminary questionnaire located here, or give us a call to speak to someone right away.

. Teacher Loan Forgiveness Programs

The Teacher Loan Forgiveness Program contains the following features and requirements: You have to teach full-time for five sequential, complete years To meet the requirements, teachers need to work in low-income educational institutions or an educational service agency Loan forgiveness can be obtained for loan amounts up to $17,500 This plan can be used on Direct Subsidized and Unsubsidized Loans as well as Subsidized and Unsubsidized Federal Stafford Loans, but not for private student loans (if you have private loans, we have compiled a list of financial institutions that provide private student loan refinancing). In order to be eligible, you will need to have been employed after the 1997-1998 school year for a minimum of one year out of the mandatory five.

To be eligible for the federal Teacher Loan Forgiveness Program, you must meet certain qualifications beyond working full-time in specific schools. For instance, you must:

  • have obtained at least a bachelor’s degree
  • have received full state certification as a teacher
  • In addition, you can’t have had your accreditation or licensing prerequisites waived for any excuse.
  • The institution you work at (elementary school or secondary school) or the instructional service agency in which you’re currently employed must be listed in the Annual Directory of Chosen Low-Income Schools for Teacher Cancellation Benefits, which is created by the Department of Education annually.

The maximum amount of loan forgiveness offered under this program is either $5,000 or $17,500, depending on what area of interest is taught. The maximum amount is available for teachers who teach mathematics or science at the secondary level or for special education teachers. Perkins Loan Forgiveness You can find Federal Perkins Loan cancellation programs available based mostly on either eligible employment or qualified volunteer service. Here are essential things to know about Federal Perkins Loan cancellation:

  • There are Perkins Loan Forgiveness options for teachers as high as 100 percent of the loan should they have worked full-time in a public or nonprofit primary or secondary school system.
  • Many other sorts of employment qualify for Perkins Loan Forgiveness, such as being a law enforcement officer, military service, or being a health professional or medical technician
  • This program is likewise available for people who become public defenders or serve in AmeriCorps VISTA or the Peace Corps For most occupations, as much as 100 percent of the loan can be canceled with 5 years of eligible work service

The Perkins Loan Forgiveness Program is very broad and applies to many occupations and even volunteer work. In contrast to the Teacher Loan Forgiveness Program, you don’t need to be certified or licensed for cancellation if you are a instructor. You do have to be described as a full-time employee, nonetheless. Just how much that’s canceled annually is incremental. For example, 15 percent of loan debts can be canceled per year for the first and second years that a person works in a qualifying position. Subsequently, for the third and fourth years, 20 percent may be canceled, and for the fifth year, 30 percent can be canceled. The canceled sums each year include interest that accrued during that year.

Student Loan Forgiveness Testimonials

See what our users have to say. We were able to assist them with their student debt, see what we can do for you! Head over to our testimonials page to see the full list, as well as to leave a testimonial yourself.
  • It had always been a dream of mine to get a degree in the medical field. I love helping others and being of service. Unfortunately there were a ton of broken promises from the school and now I have this outstanding Sally Mae loan with huge payments. It was so awesome when I found this company and found out I qualified for the student loan forgiveness program. My payments were over $400 a month and now they are less than $100 a month. I recommend this service to anyone that has an outstanding student loan, best thing I ever did.
  • Jenny Bell
    I went to back to school with the hope of more opportunities for myself and my family. What I got were huge payments that I could not afford, until I found out about your company and student debt relief. I was able to get into the forgiveness program, my payments dropped to $0 and it was super easy. Your company was fast and efficient with processing all of my paperwork with the utmost of knowledge and support. Thank you for the awesome service and relief from stress of outstanding student loans.
    Jenny Bell
    Best Buy
  • I've accumulated a sizeable amount of student loan debt from DeVry University, and I'd been searching for student loan services such as this one to help me refinance student loan. They were able to provide some great student loan rates and not only have I saved a considerable amount of money, my credit got a great boost. Much appreciated.
    Scott Mckinney
    Wells Fargo
  • Tamisha Turner
    I seen this on facebook a few times and always wondered if I could get me some of the forgiveness they was talking about. I still dont really get it but I filled out the student loan forgiveness form and talked to a very nice young man who helped me sign up. Well I just got a email saying Navient student loan forgiveness from the University of Maryland was approved and that my new amount is 0 dollars! The Lord talks about forgiveness and these people are truly doing His work. God Bless you all, I pray more of His people find their way to you.
    Tamisha Turner
    Self Employed
  • Tanya Marie Scheer
    I went to Riverside Community College and CRU Institute of Cosmetology & Barbering and thankfully I found this site, as they were actually able to help me with my student loan debt! I couldn't believe it! They enrolled me in a federal student loan forgiveness program and now after a couple years of $0 payments my loans will be removed! Thank you so much.
    Tanya Marie Scheer
    Newport Barber