
Discover Little-Known Student Loan Forgiveness Programs
Learn about student loan forgiveness programs that are not commonly known. Save money and reduce debt with these options.
Student Loan Forgiveness Programs You May Not Know About
For many people, student loans are a necessary part of obtaining a college education. However, after graduation, the reality of paying back those loans can be overwhelming. The good news is that there are a number of student loan forgiveness programs available that can help ease the burden. Here are some you may not know about:
Public Service Loan Forgiveness (PSLF)
PSLF is a program that forgives the remaining balance on your Direct Loans after you have made 120 qualifying monthly payments while working full-time for a qualifying employer. If you work for a government organization or a non-profit, you may be eligible for this program. The payments you make must be under a qualifying repayment plan, such as the Income-Based Repayment (IBR) or Pay As You Earn (PAYE) plans.
Teacher Loan Forgiveness
If you are a teacher, you may be eligible for the Teacher Loan Forgiveness program. This program forgives up to $17,500 in Direct Subsidized and Unsubsidized Loans and Subsidized and Unsubsidized Federal Stafford Loans for teachers who work full-time for five complete and consecutive academic years in certain elementary and secondary schools and educational service agencies that serve low-income families.
Perkins Loan Cancellation
If you have a Perkins Loan, you may be eligible for Perkins Loan Cancellation. This program forgives a percentage of your loan each year, based on your profession. For example, if you work as a teacher in a low-income school, you may be eligible for up to 100% loan forgiveness after five years of service.
State-Sponsored Loan Forgiveness Programs
Many states offer their own loan forgiveness programs for residents who meet certain criteria. For example, New York State offers the Get On Your Feet Loan Forgiveness Program, which provides up to 24 months of federal student loan debt relief to recent college graduates who are residents of the state and have an income below a certain threshold.
Conclusion
Student loan forgiveness programs can be a lifesaver for those struggling with student debt. It's important to research your options and see if you qualify for any of these programs. Don't let student debt hold you back from achieving your financial goals.
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Scholar2022
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