Wait for 20 or 25 years, or maybe just 10
You may receive student loan forgiveness after 20 or 25 years, depending on when you took out the loan, if you have a federal loan, and if you are following an income-driven repayment plan. All federal student loans are eligible except those that are in default, Parent PLUS loans, and Parent PLUS consolidation loans. You can apply for an income-driven repayment plan by contacting the lender servicing your loan. However, the newly proposed income-driven repayment plan will reduce this time in half.
Public Service
The Public Service Loan Forgiveness (PSLF) program provides loan forgiveness if you work full-time for a qualified employer and make qualifying monthly payments for 120 months during that time. You must be employed by the federal government or a state, local, or tribal government to qualify for PSLF. You may also qualify if you work for a non-profit organization.
Become a Full-Time Teacher
Full-time teachers are eligible for the PSLF program, but they may choose another repayment program. You may qualify for PSLF loan forgiveness of up to $17,500 on direct subsidized and unsubsidized loans and federally-insured Stafford loans depending on the Teacher Loan Forgiveness program. You must teach full-time for five consecutive academic years at a low-income school or educational service agency and meet other qualifications. You must be a secondary math or science teacher or a special education teacher to receive the $17,500. Teachers in other subjects receive a maximum of $5,000.
Join the Military
One benefit of joining the military is student loan repayment. The Army, Army National Guard, Air Force, Air National Guard, and Navy offer student loan repayment programs up to $65,000, depending on the branch you serve and the job you do and the length of your service.
Become a Doctor or Lawyer
Medical and legal professionals can accumulate substantial amounts of student debt. However, there are several student loan forgiveness programs to help alleviate their loan burdens. The National Institutes of Health pays up to $50,000 of student debt for medical students who complete certain types of medical research on topics such as medical disparities and contraception. Some health professionals can receive up to $100,000 in student loan forgiveness through the National Health Service Corps loan repayment program in exchange for two to three years of voluntary service at a clinic in need of health professionals. Certain student loans may be forgiven for law school graduates who engage in non-profit work or in the public or government sector. The Justice Department, legal foundations, and several law schools offer student loan repayment programs. Lawyers may also be eligible for the PSLF program, depending on where they work.
Who Pays for Student Loan Forgiveness?
Many people oppose student loan forgiveness because it is funded by taxpayers, which is largely true. Taxpayers have paid for your college education if the federal government forgives your student loans. It’s the same idea as using government grants to fund your education. Private student loan forgiveness is almost non-existent, but other bank customers will have to fund it through fees and interest if private banks decide to provide these types of programs.
Source:
https://www.thebalancemoney.com/student-loan-forgiveness-960819
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