Student Loan Forgiveness | What is Student Loan Forgiveness

Are you one of those who want to further their education but don’t have the finances to study at the University? Studying at the University can be so expensive but don’t let it deter you from your dream of getting an education. The good news is that there is room for student loan forgiveness.

Here, we will be discussing what student loan forgiveness is, whether students are eligible for loan forgiveness, and how to apply for loan forgiveness. Let’s get started! See How To Get a Startup Business Loan With Bad Credit.

What is Student Loan Forgiveness?

Student loan forgiveness is a loan that releases borrowers from their obligation to repay part or all of their federal student loan debt. These borrowers have taken out loans to pay for their post-secondary education.

Forgiveness is available for some types of loans, but eligibility is limited to borrowers in certain public service, educational, or military professions. Some of those programs where you can get a student forgiveness loan

1. Income-driven repayment plans

After 20 to 25 years of payments, borrowers enrolled in so called income-driven repayment plans get any remainder of their debt canceled by the federal government.

The Biden administration recently wiped out debt for more than 800,000 people in such plans, delivering them $39 billion in relief.

The debt forgiveness at the end of the repayment term under these plans used to trigger a tax bill, but a recent law ended that policy until at least 2025, and experts anticipate it to become permanent.

2. Public Service Loan Forgiveness

Signed into law by then-President George W. Bush in 2007, the Public Service Loan Forgiveness program allows certain nonprofit and government employees to have their federal student loans canceled after 10 years or 120 payments.

Although the program has had its fair share of problems, the Biden administration recently made a number of improvements to it.

There are typically three primary requirements to qualify for the program, although the recent changes provide some more wiggle room in certain cases:

Your employer must be a government organization at any level, a 501(c)(3) not-for-profit organization or some other type of not-for-profit organization that provides public service. Your loans must be federal Direct loans.

To reach forgiveness, you need to have made 120 qualifying, on-time payments in an income-driven repayment plan or the standard repayment plan.

3. Forgiveness options for teachers, nurses and others

In addition to those two main programs, there are several other forgiveness opportunities that many borrowers miss out on because they don’t know about them, experts say.

Full-time teachers who work for five consecutive years in a low-income school may be eligible for up to $17,500 in loan forgiveness under the Teacher Loan Forgiveness Program.

The Nurse Corps Loan Repayment Program allows certain nurses to get up to 85% of their student debt canceled.

Most times, student loan forgiveness is given based on the borrower’s occupation, so it is advisable you should look for forgiveness based on your job, especially for your state.”

Who is eligible for student loan forgiveness?

The eligibility requirements for student loan forgiveness vary by program. Here are the criteria for a few popular options:

1). PSLF: The PSLF program requires that you work full-time for 10 years in a qualifying organization, which includes government agencies and 501(c)(3) not-for-profits. You also must make 120 qualifying payments on your student loans, specifically on an IDR plan.

2). Teacher Loan Forgiveness: This program requires that you teach full-time for five consecutive years in a low-income school or educational service agency. Depending on the subject you teach, you could qualify for up to $17,500 in student loan forgiveness.

3). NURSE Corps Loan Forgiveness: This federal program forgives up to 60% of your student loan balance after two years and an additional 25% after a third year.

Requirements include working as a registered nurse, nurse practitioner or nurse faculty member who serves a high-need population in a critical shortage area.

4). IDR loan forgiveness: You can qualify for student loan forgiveness of your remaining balance after 20 or 25 years on an IDR plan, as long as you’ve made your payments on time.

Only federal student loans are eligible for federal loan forgiveness programs, but the specific eligibility requirements vary by program.

That said, you may be able to find student loan repayment assistance options for both federal and private student loans from your state, a private organization or your employer.

How To Apply for Student Loan Forgiveness

In terms of how to apply for student loan forgiveness, the application process differs by program. Here are a few examples:

1). For  PSLF:  Submit the PSLF & Temporary Expanded PSLF (TEPSLF) Certification & Application to your loan servicer by using the PSLF Help Tool as soon as possible to make sure you’re making qualifying payments.

It’s a good idea to submit this form every year, as well as every time you change employers, and to keep a copy for your records.

When you’ve reached 10 years of service, you’ll submit a final PSLF form, which will require certification from your current qualifying employer. You’ll send this form to MOHELA, the federal loan servicer that administers the PSLF program.

2). For Teacher Loan Forgiveness: Once you’ve finished your required five years, you can apply by submitting a Teacher Loan Forgiveness Application to your student loan servicer.

You’ll need to have the certification section of the application completed by the chief administrative officer of your school or agency. If you’re applying for forgiveness with multiple loan servicers, you’ll need to submit a form to each one.

3). NURSE Corps program: You can apply for this student loan forgiveness program online after creating an account on the Health Resources & Services Administration’s (HRSA) customer service portal. HRSA suggests reviewing this guide before you apply.


That was all you need to know on student loan forgiveness, we believe you were enlightened by it. For more information about student loan forgiveness, you can contact us via the comment section. We will be right there to attend to you.

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