If you have Federal Student Loans you may qualify for any of the student loan forgiveness programs that are available to borrowers. You may be eligible for principal reduction, loan forgiveness, or a complete loan discharge depending on your individual circumstance.
If you are suffering from a financial hardship, you may be eligible for an Income Based Payment. In this repayment program, you would have a payment based on your income and family size. The payment could be as low as $0.00 per month, with forgiveness at the end of 20-25 years.
Loan consolidation will take all your federal student loans and combine them into one new loan. You will have only one lender, with one monthly payment. In this consolidation you are able to choose a payment plan that’s affordable to you. By consolidating you also may become eligible for loan forgiveness.
Types of Loan Forgiveness
Teacher Loan Forgiveness
Did you know if you are a teacher you may qualify for principal reduction of up to $17,500 on your loans?
Teachers may qualify for $5,000 or $17,500 in principal reduction on their federal student loans. Teachers may also qualify for Public Service Loan Forgiveness and have any remaining balance on their federal student loans forgiven after 120 payments.
Public Service Loan Forgiveness
Did you know if you work in the public sector, your loans can be forgiven after 120 qualifying monthly payments?
If you work for a city, state, federal organization or a non-profit you may qualify for the Public Service Loan Forgiveness program. The position at your place of employment is not considered for PSLF, but you must be consolidated and in a income driven repayment plan. The balance on your federal student loans after 120 qualifying payments is forgiven.
Permanent Disability Forgiveness
Did you know if you are Permanently Disabled, you may qualify for Total & Permanent Disability Discharge on your Federal Student Loans?
If you have been permanently disabled, or your disability can be expected to last at least 60 months or in death, you may qualify for permanent disability discharge. Seeking Permanent Disability Discharge on your federal loans will require a visit to your doctor and make you subject to a three year post discharge monitoring period.
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Please note: Only the US Department of Education can provide determination of eligibility and exact payment amount for any government forgiveness or repayment program listed on this website. Also, all forgiveness and re-payment programs may be applied to for free without paying anyone for assistance through the US Department of Education. Our calculators, estimators and eligibility tools are strictly to help consumers understand potential options estimate potential payments and do not provide any guarantee of enrollment, qualification, or payment amount for ANY programs.