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Are You Eligible for Student Loan Forgiveness?

Jun 18, 2022


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Millions of people have student loans. For many, they are a source of stress and financial burden. If you are among those who are struggling to pay off your student loans, you may be wondering if you are eligible for student loan forgiveness and if it's a better option than debt consolidation. Here's what you need to know.

What is student loan forgiveness?


Student loan forgiveness is a policy that allows borrowers to have their loans forgiven after a certain amount of time. The policy has been growing in popularity in recent years, as more people are seeking ways to reduce their debt burden.

What are the requirements for student loan forgiveness?


To be eligible for student loan forgiveness, you must meet all of the following requirements:

  • You must have a qualifying student loan.

  • You must have been enrolled in a qualifying program.

  • You must have made satisfactory academic progress while enrolled in the program.

  • You must be able to demonstrate financial hardship.


Which programs are eligible for student loan forgiveness?


There are different types of student loan forgiveness programs, so it is important to know which one you are eligible for.

Some types of student loan forgiveness programs include:

Public Service Loan Forgiveness (PSLF): This program allows borrowers who work in public service jobs for 10 years or more to have their federal student loans forgiven. This includes jobs in government, education, healthcare, and nonprofit organizations. The requirements vary by lender, so be sure to check with your bank or credit union about PSLF eligibility before applying.

Employment Certification Program (ECP): This is a new program that was created as part of the Obama administration’s efforts to help struggling students become employed after they graduate from college. ECP requires participating employers to submit an employment certification form verifying that the employee has been working full-time at the company for at least 180 days within 12 months prior to applying for federal student loan forgiveness.

Teacher Loan Forgiveness (TLF): This program allows teachers who work full-time in a high-need field, such as math, science, or special education, to have their federal student loans forgiven. Teacher loan forgiveness is only available through the Education Department’s Direct Loan Program.

Veteran's Student Loan Forgiveness: The Department of Veterans Affairs (VA) offers several programs that can help veterans pay off their student loans. The VA’s Post-9/11 Student Loan Forgiveness Program allows service members who are totally and permanently disabled as a result of their military service to have their student loans forgiven. The Veterans Educational Assistance Program (VEAP) provides partial loan forgiveness for students who are enrolled in an eligible degree program at an accredited college or university. And the School Transcript Conversion Service (STCS) will convert your DD214 into a valid academic record if you are eligible for student loan forgiveness through the VA, VEAP, or ECP programs.

How do I apply for student loan forgiveness?


To apply for Public Service Loan Forgiveness, you must submit an application to your loan servicer. To apply for Teacher Loan Forgiveness, you must submit an application to the Department of Education.

What if I don't qualify for forgiveness?


If you don't qualify for student loan forgiveness, you may still be able to reduce your debt burden by refinancing your student loans or finding other financial solutions. Here are a few avenues to consider:

  • Debt consolidation - Consolidating your debt into a lower interest rate can help you reduce your monthly payments and improve your overall financial situation.

  • Refinancing - Refinancing your student loans can give you a lower interest rate and allow you to pay off your loans more quickly.

  • Credit counseling - A credit counseling service can help you improve your credit score and find other financial solutions to reduce your debt burden.


The bottom line


If you are struggling to pay off your student loans, you may be eligible for student loan forgiveness. This forgiveness can provide a much-needed financial break for those who are struggling.

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