Student loan forgiveness is a program that eliminates some or all of the student loan debt for eligible borrowers.
This forgiveness can take many forms, such as complete loan discharge, partial loan discharge, or a reduction in interest rates.
Eligibility for these programs can depend on a variety of factors, such as your occupation, your income, and the type of loans you have.
There are several different types of student loan forgiveness programs available, including Public Service Loan Forgiveness, Teacher Loan Forgiveness, Perkins Loan Cancellation, and more.
Each program has its own specific requirements and qualifications, but they all offer some form of relief for borrowers struggling with student loan debt.
For example, the Public Service Loan Forgiveness program is available to individuals who work in public service jobs, such as government or non-profit organizations.
After making 120 required payments while employed full-time by an eligible company, debtors who participate in this program get their remaining debt forgiven.
Teachers who work in low-income schools or educational service organizations are eligible for the Teacher Loan Forgiveness program.