Student Loan Forgiveness – How to Get Your Loan Forgiven

There is no graduation joy wrecker than the thought of “How do I get my student loan paid?” well, days are gone when you think all your life till you lay off your debt. There is an option known as the student loan forgiveness program available for student borrowers. You will find out about Federal and private Student Loan forgiveness and the advantages and disadvantages of Student loan forgiveness.

Student Loan Forgiveness – How to get your loan forgiven

How do I get started?

Read this article to the end and get all the answers to the questions that plague your mind about Loan forgiveness.

Read More: How to Secure Private Student Loans

Who is Student Loan Forgiveness for?

Student loan forgiveness is for students who owe the federal government or private institutions. It’s disheartening to know that loan forgiveness is only available for students who owe the federal government.

Discover the advantages of student loan forgiveness below!!!

Are Private Student Loans Forgiven?

The answer is “No.”

Unfortunately, there is no official forgiveness option for loans obtained from private institutions compared to the Federal. This is so because these are private institutions, and possibly the money lender to you is not there’s. But you can take alternatives to pay off your private Student Loan debt.

Which Federal Student Loan forgiveness Plan Should I go for?

There are four major types of Loan forgiveness for Federal Student Loans. They include;

Public Service Loan Forgiveness

After you’ve worked full-time for a nonprofit organization or the government for at least 10 years, they can forgive your remaining federal loan balance. Careers that qualify for this forgiveness are firefighters, teachers, military personnel, nurses, and others. If you repay your loans on an income-driven plan for your 10 years in these careers, you will save the most money.

Read More: How to Secure a Federal Student Loan – All You Need to Know

Teacher Loan Forgiveness

If you are a teacher and have worked full-time for five consecutive years, you might be eligible for teacher loan forgiveness, which gives you up to $17,500 in direct or Stafford loans forgiveness. This program is only available to low-income public elementary or secondary school teachers who took out their first loans after October 1, 1998. Many participants will also qualify for Public Service Loan Forgiveness, but Teacher Loan Forgiveness reduces or eliminates your loans in half the time—five years instead of 10.

Perkins Loan Cancellation

If you have a federal Perkins loan, you can have up to 100% of your loans canceled if you work in public service jobs for five years. You qualify for the Perkins loan cancellation if you are a teacher, firefighter, nurse, police officer, school librarian, or public defender.

Income-driven Repayment

For this program, the federal government offers four main income-driven repayment plans: income-based repayment, income-contingent repayment, pay as you earn, and revised pay as you earn. Each program automatically forgives your remaining loan balance after 20 or 25 years. They design these for borrowers with large loan amounts relative to their incomes. However, regardless of income, the Revised Pay As You Earn (REPAYE) plan is open to any federal student loan borrower.

Read on to discover the disadvantages of Student loan forgiveness!!!

Why is Student Loan Forgiven?

There may be many reasons we forgive loans for education; some of these may include

  • Inability to pay
  • Lack of a job since graduation
  • Permanent disability
  • Closure of the school during the time of study
  • Use of identity theft to secure a loan
  • Expiration of loan repayment, usually after 20 years.
  • Failure of the school to refund required loans to the lender
  • Death of the borrower

Considering the above reasons, student loans can be forgiven, but first, you must qualify. Find out how below!!!

Read More: All you need to know About Student Loan Repayment Plan

Qualifications for Federal Student Loan Forgiveness

To qualify for loan forgiveness, your loans cannot be in default. Being in default means they have gone unpaid for over nine months. Under certain circumstances, the federal government might cancel all or part of an educational loan. To qualify for educational loan forgiveness, you must

  • Perform volunteer work
  • Perform military service
  • Teach or practice medicine in certain types of communities
  • Meet other criteria specified by the forgiveness program

Through these qualifications, you might receive loan forgiveness for student debt. If you’re wondering if loan forgiveness is worth it, check out the advantages of student loan forgiveness below.

What are the Advantages of Getting my Loan Forgiven?

Getting your loan forgiven makes you a free man. No more thoughts on how to pay your debts accumulated from getting educated. Here are some pros of student loan forgiveness

  • It helps you get rid of your student loan debt.
  • Several jobs qualify for the program.
  • You do not pay tax on the forgiven amount.

Are there Disadvantages to having your Loan Forgiven?

Knowing the cons of student loan forgiveness programs is as important as knowing the pros. Understanding the cons helps you decide whether to apply for a loan forgiveness program and which is best for your circumstances.

Some disadvantages of Student Loan forgiveness include the following:

  • The qualifying criteria are very stringent.
  • It limits job prospects.
  • It will require you to make a long-term job commitment. To qualify,
  • Commit at least 5 to 10 years in the chosen field of work. This can be cumbersome if you are not interested in relevant jobs.

Weighing the advantages of student loans against their disadvantages gives you enough information to decide.

Read More: Benefits of Student Loans – 10 things you need to know

Frequently Asked Questions About Student Loan Forgiveness

What does it mean for my loan to be forgiven?

Loan forgiveness means you are no longer expected to repay your loan. Certain circumstances might lead to forgiveness, cancellation, or discharge of your outstanding federal student loan balance.

What if I ignore my student debt?

Tempted to ignore the haunting truth of student loan debt? Don’t do that. The consequences of unpaid student loans can be harsh — scary, even. Student loans show up on credit reports by the big three credit reporting companies. Each student loan appears as its trade line, which shows the loan’s origination date, the amount owed, the last date it reported the debt, the reporting company, and the payment history.

Will a default stay with me forever?

You don’t want to ignore this debt. Trust me!

Defaulted student loans don’t always stay on your record forever. Normally, defaulted private student loan debt will fall off your credit report seven and a half years after the first missed payment. Defaulted federal student loans either fall off seven years after default or seven years after the date they transferred the loan from the Federal Family Education Loan Program (FFEL) to the Department of Education.

Can I qualify sooner by making higher monthly payments?

No. You must make payments to cover 120 separate monthly obligations. Paying extra won’t help you qualify for PSLF sooner.

Are there other options if I’m Denied PSLF?

If your application for Public Service Loan Forgiveness (PSLF) was denied, you might receive loan forgiveness under the Temporary Expanded Public Service Loan Forgiveness (TEPSLF) opportunity.

Are there organizations that offer loan forgiveness?

If you volunteer with some organizations, they offer loan forgiveness for your education. Examples of these volunteer organizations

Peace Corps
Volunteers in Service to America (VISTA)
Also, students in the Army National Guard may be eligible for their Student Loan Repayment Program.

What is the Alternative to Private Student Loan Forgiveness?

If you’re looking for forgiveness for a Private Student Loan, you’re likely struggling with payments after paying for college. Here’s what you can do;

  • Defer your student loans
  • Apply for forbearance
  • Look into refinancing
  • Bankruptcy

Though private student loan forgiveness doesn’t exist in the traditional sense, private student loan help is there. The key is to talk to your lender if you’re struggling to see what options are available and to act fast.

You don’t want to fall into delinquency or deferment, which could hurt your credit if you face difficulties with your student loan payment.

Read More: The Different Types of Loans for Students


Getting loan forgiveness is not a poor option, but deciding after weighing the advantages and disadvantages of student loan forgiveness. Check out an alternative to private Student Loan forgiveness if you secured a private loan. For Federal Loan forgiveness, consider the plans available and choose one that fits you.

We hope you found this article helpful.

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