Ways & How

How to Get Student Loan Forgiveness

How to Get Student Loan Forgiveness

Student loans are one of the most difficult debts to pay off, largely because you accrue most of them early in life, and they are not usually forgivable through bankruptcy filing. That is the reason most people think that they either have to pay or go to jail. But what most people do not know is that there are several options you can try if you want your student loan to be forgiven. Sure, the steps will not be easy, as they require loads of time and paperwork, but if it means being student debt-free, then they are definitely worth the effort. Here are the ways on how to get student loan forgiveness:

  1. Serve in the military. There are many benefits to joining the military, and one of them is student loan repayment. There are certain branches of the Army, Navy, and Air Force that offer student repayment programs up to $20,000. The amount also depends on the person’s rank. Aside from student loan forgiveness, the military can also pay for your schooling, provided that you serve them. It is best to check out the website of your preferred military branch to learn more about their student loan repayment program.



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  2. Teach full-time in a low-income area. The government has a Teacher Forgiveness Program that allows a partial amount of your Stafford or Perkins student loans to be forgiven. You just have to work as a full-time elementary, middle school, or high school teacher in an area that serves low-income families. You have to do this for five consecutive years, and the longer you teach, the higher loan amount that will be forgiven.

  3. Become a doctor. Studying to become a medical doctor can result in six-figure student loans. If you think you cannot repay them, you might want to check out the programs that the National Institutes of Health has for deeply indebted medical doctors. Depending on the program, you might be asked to do medical research or volunteer service for two years in exchange for student loan forgiveness.

  4. Become a public defendant. Just like medical doctors, law school graduates also often face huge student debts because of years of study. You can avail of student loan forgiveness by doing non-profit work for schools that offer a loan repayment assistance program. Before you go to law school, it is best to make sure that your school has such a program so that it may help you deal with your student loans later on when you have to start paying them off.

  5. Check out the programs being offered in your state. Some states offer student loan repayment programs for its legal residents and for people who work and study there. If you are into public service, you may want to check out the programs that they are offering and see if you qualify for any of them. Just take note that, depending on the state’s budget, these student loan forgiveness programs may be changed or removed completely.

  6. Apply for an Income-Based Repayment Plan. In this repayment scheme available for people with poor financial status, your monthly student loan payments will be decreed to not exceed 15% of your discretionary income, meaning your income that falls above the federal poverty level. After 25 years of paying off your debts in this way, the rest of your student loans will then be forgiven.

There are certainly many ways on how to get student loan forgiveness. You just have to be ready to spend a huge amount of time and effort in applying for and fulfilling the programs. After that, all your student loans will be wiped out of your system.

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