Student Loan Forgiveness

Student Loan Forgiveness2019-01-19T03:19:38+00:00

Are you one of those people who ever wished your student loans would vanish permanently? There is no way to snap your fingers and have your loan debt disappear magically. However, the good news, there are ways to get it pardoned.

You will find some various student loan forgiveness programs available for people who work in health care, education, public service, and other areas. Other states are even assisting debt-saddled graduates in paying off their loans.

So, if you are having a difficult time with your debt, a student loan forgiveness could save you.

The Benefits of Federal Student Loans

Did you know that federal student loans provide benefits which a plethora of other loans do not? One advantage is the privilege to qualify for loan forgiveness. That denotes you are no longer indebted to make the loan payments. What’s more, there might be some cases where you might qualify to have the loans discharged or canceled.

Following are some of the most typical types of loan forgiveness and discharge:

  • Total and Permanent Disability Discharge
  • Closed School Discharge
  • Public Service Loan Forgiveness
  • Teacher Loan Forgiveness

Bear in mind that this isn’t the complete list. You must meet particular requirements and present specific details to qualify. For more information about each program or to see if you qualify, contact the Student Loan Advisory Group at  (813) 675-9755

Teacher Loan Forgiveness

Students who become full-time teachers in a secondary or elementary school which serves low-income families (or under an educational service agency) can have a part of their FFEL Program loans, Direct Loans, or Perkins Loans discharged. Federal Family Education Loans (FFEL) include Federal PLUS Loans, Unsubsidized Stafford Loans, Stafford Loans, and Federal Consolidated Loans.

You see, the Teacher Loan Forgiveness program forgives fifteen percent of the loan during the first and second years of being a full-time teacher. Twenty percent of the third and fourth years, while the outstanding 30 percent in the fifth year. In total, teachers can have up to $17,500 of their student loan debt forgiven solely for following through in the career field.

For a full list of eligibility requirements and answers of frequently, check them out here.

Public Service Loan Forgiveness

The top way to get student loan forgiveness is to work in the public service for ten years. President Obama publicized the PSLF that will grant student loan forgiveness on succeeding loans after ten years.

The good thing about this is that the definition is quite comprehensive. Qualifying employment includes any public service department, along with a state, federal, or local government agency, organization or entity, or not-for-profit organization which has been selected as tax-exempt by the IRS under Section 501(c)(3) of the IRC. The kind of nature of employment along with the organization doesn’t matter for this forgiveness loan.

For instance:

  • Public service for people with disabilities or seniors
  • Early childhood education
  • Public interest law services
  • School library and school-based services
  • Public library services or public education
  • Teachers
  • Public health services
  • Law enforcement services
  • Military service
  • Emergency management
  • Government workers
  • Volunteer Work (e.g. Peace Corps)

For a full list of eligibility requirements and answers of frequently, check them out here.

Closed School Discharge

In the event the school you attended and used your federal student loan towards closes while you are actively enrolled or shortly after you withdraw, then your student loans may be eligible for discharge under the Closed School Discharge Program.

For a full list of eligibility requirements and answers of frequently, check them out here.

Total and Permanent Disability Discharge

If you are eligible for a Total and Permanent Disability Discharge, you can find relief from the following types of federal student loan programs:

  • Direct Loan
  • Federal Family Education Loan (FFEL)
  • Perkins Loan

Total and Permanent Disability Discharge also enable those who qualify to not have to complete a TEACH Grant service obligation.

In order to qualify for the Total and Permanent Disability Discharge Program, you will be required to submit verification that you meet the program’s requirements for being totally and permanently disabled. For a full list of eligibility requirements, check them out here.