How it is possible to pay off or to be forgiven your federal student loans?
Depending on your field of work, you may qualify for federal student loan forgiveness. A career in public services such as teaching, social work, public safety, civil service, and health care and indigent legal aid may qualify you to reduce or eliminate your remaining federal student loan obligations, depending on how long you serve after graduation.
The Federal Public Service Student Loan Forgiveness Program allows you to have your federal student loans forgiven after 10 years, as long as you make your payments on time and meet other requirements. For more information and details, contact the US Department of Education.
However, there are very particular requirements you must meet to qualify for loan forgiveness or repayment ease options. Loan forgiveness means you don’t have to pay back some or all of the loan to the lender.
- Income-Driven Repayment (IDR) Plans.
If you pay off your loans under an income-based repayment plan, any student loan balance will be forgiven after you make a certain number of payments over a period of time. Learn about IDR plans and how to apply.
- Military service
In recognition of your service to our country, the US Department of Education and the US Department of Defense offer special benefits and repayment options for your student loans. Benefits include interest rate caps under the Military Civilian Assistance Act and Department of Defense student loan repayment programs. Learn more about federal student loan benefits for US military members.
- American Corps
The AmeriCorps Education Segal Award is an award given to members who have completed a term of national service through an approved AmeriCorps program — AmeriCorps VISTA, AmeriCorps NCCC, or AmeriCorps State and National. Once you successfully complete your service, you are eligible to receive a Segal AmeriCorps Education Award that can be used to pay off qualified student loans.
- Public Service Loan Forgiveness (PSLF)
- Teacher Loan Forgiveness
(Source: Federal Student Aid – Student Loan Forgiveness, click here)
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