The Public Service Loan Forgiveness (PSLF) program is among the most well-known options for eliminating college debt.
If you participate in this program and have made 120 eligible payments while working full-time for an approved public service organization, the outstanding amount on your federal Direct Loans will be forgiven.
If you have multiple Direct Loans, the forgiveness will be applied to each loan separately.
The forgiveness will be applied to each loan separately, for instance, if you have three Direct Loans with amounts of $5,000, $10,000, and $15,000 and you qualify for PSLF.
After you have made 120 qualifying payments on each loan while working in a qualifying public service job, the remaining balances of $5,000, $10,000, and $15,000 will be forgiven separately.
Another forgiveness program for federal student loans is the Teacher Loan Forgiveness program.
This program forgives up to $17,500 of your Direct or FFEL Loans if you have been a full-time teacher for five consecutive years at a low-income school or educational service agency.
If you have multiple eligible loans, the forgiveness will be applied to each loan separately.
For example, if you have two Direct Loans with balances of $8,000 and $12,000 and you are eligible for Teacher Loan Forgiveness, the forgiveness will be applied to each loan separately.