Student Loan Forgiveness is when you are relieved of the responsibility to repay a portion or all your federal student loan debt. Loan forgiveness is only available for federal direct loans; FFEL Program Loans, Perkins Loans and private loans are not eligible. Working in public service or making payments on an income-contingent payment plan for a long period of time may help you get your student loans forgiven.
Types of Student Loan Forgiveness:
People who work in public service, whether for the government or a nonprofit organization, may be eligible for the Public Service Loan Forgiveness Program (PSLF).
Teacher loan forgiveness is a federal program for educators who work in low-income schools, allowing student loans of up to $17,500 to be forgiven.
Please note: You may not receive a benefit for the same qualifying payments or period of service for Teacher Loan Forgiveness and Public Service Loan Forgiveness. For example: If you make payments on your loans during your five years of qualifying employment for Teacher Loan Forgiveness and then receive loan forgiveness for that service, those payments will not count toward Public Service Loan Forgiveness.