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The Complete List of Student Loan Forgiveness Programs and Options

Feeling cornered by Navient? You're not alone. This list of student loan forgiveness programs and options will help you get out of debt without losing your sanity.

By Ossiana TepfenhartPublished 6 years ago 6 min read
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I dropped out of college, which I don't regret. I didn't have to pay anything, since I was given a full ride to the college I attended. However, I've seen the effects of what student loans do to people who have graduated — as well as dropouts who didn't get the same luxury as I did.

Many of the people who I went to college with are now paying hundreds, or even thousands, of dollars paying off student loans. If they can't get their loans forgiven, some will be doing that until they're 60. That's not good, nor is that even sustainable for many of them.

The problem magnifies when you think about the way debt is treated in America. You see, in the United States, most forms of debt are considered to be forgivable. Things like credit card debt, mortgage payments, and even car loans can be wiped away when you declare bankruptcy.

Student loan payments are the only form of debt that cannot be extinguished by bankruptcy. So, if you are so indebted that you can't afford to have a roof over your head, the US government will still expect you to pay your college loans.

A lot of grads are beginning to wonder if they can escape it. Some may say college isn't necessary for success, or that the payout barely evens out. Some even joke about being hunted for student loans by killer drones! Many will continue to financially struggle because of college debt — despite working good jobs.

Student loan forgiveness programs and options do exist, but they often are hard to differentiate from the scams floating around the marketplace. Here's a complete list of student loan forgiveness programs and options that are actually backed by laws.

Forgiveness From Income-Based Repayment Plans

This is one of those student loan forgiveness programs and options that is geared towards upwards mobility and being reasonable about loan payments. Eligibility for this is based on the type of loans you got, and most of the eligible loans involve federal loans, direct subsidized loans, and direct unsubsidized loans.

With an IBR loan forgiveness plan, the amount that you pay is calculated based off your income. This helps you avoid financial hardship. In the event of a job loss, you can also tweak your college loan amount to match the loss.

After 25 years of loan repayment, borrowers have their loans forgiven. Overall, this is a good way to relieve the pressure of having large payments and possibly improve your lifestyle. That being said, it's best to read up on Income-Based Repayment forgiveness before you choose it.

Public Service Loan Forgiveness (PSLF)

Do you have a heart of gold? Is your job something that helps the greater good? Well, you might be able to access one of the most popular student loan forgiveness programs and options out there!

The Public Service Loan Forgiveness (PSLF) program is for people who work in federal, state, or local government programs — as well as 501(c)3 nonprofits.

Since the place where you work is considered to be a place where you serve the public, the US government allows you to write off a portion of your student loans as a way to say thank you.

People who work in the public service world will be allowed any payments they have after 10 years of regular loan payments forgiven. Not a bad option, is it?

Federal Perkins Loan Cancellation

Have a Perkins loan? Well, you might be in luck. Borrowers who got funding for their college years via a Federal Perkins loan may be able to get their loan amounts discharged and must work in a qualifying job in order to have this happen.

You only need to work a single year in an approved job to qualify, but there are some things you should know before you apply. Red tape can be hard to cut through, and you may need to work in a "high need" region. Though there may be a lot of red tape, it's definitely worth checking out.

Teacher Loan Forgiveness

Teachers do so much for students, and often don't get the respect they deserve. They're also heavily underpaid. If you work as a teacher at a qualifying school for five years, you are probably eligible for Teacher Loan Forgiveness.

Borrowers who qualify can get up to $17,000 of their student loans forgiven via this program. Sadly, this is one of the entries on this complete list of student loan forgiveness programs and options that only applies to federal loans — not PLUS loans.

The job outlook for teachers is pretty good, so when you combine that with all the perks of loan forgiveness, it's easy to see why teaching is such a good career.

NURSE Corps Loan Repayment Program

If you're noticing that this list of student loan forgiveness programs and options focuses on public service, you're absolutely right.

Nurses who join the NURSE Corps Loan Repayment Program are able to get as much as 60 percent of their loans discharged in the first two years of working in a high needs area. Working a third year in the program will allow you to max out your loan forgiveness ability by another 25 percent.

National Health Service Corps (NHSC)

Joining the National Health Service Corps (NHSC) program is another one of the medicine- and service-oriented programs the government has available for people. This program allows you to get as much as $50,000 of your loans forgiven.

Eligibility is limited to doctors, dentists, behavioral experts, or mental wellness experts. You also have to work at least two years in a high-need field to qualify.

Another program that's similar is the National Institutes of Health (NIH) Loan Repayment Program. This would allow you to forgive student loans as long as you work two years in research. Loan forgiveness maxes out at $35,000.

Student To Service (And Other Similar Programs)

If you're a medical professional, just doing your job is making a huge difference in how America runs. Your skills are in demand, and that's why you can often get student loan forgiveness via different student loan forgiveness programs and options.

  • Student to Service, for example, allows you to get up to $120,000 forgiven as long as you work as a healthcare provider in a qualified location for three years.
  • The Indian Health Services Loan Repayment Program incentivizes people to work in Native American communities in exchange for $40,000 of their loans forgiven.
  • The Armed Forces also have a slew of loan forgiveness programs worth checking out. Army doctors also can get up to $120,000 of their student loans forgiven.

Lawyer Student Loan Relief Programs

Lawyers, too, have a lot of student loans they need to tackle — just like doctors. Also like doctors, lawyers are acknowledged to be public servants, especially if they work for government groups. Here is a fairly complete list of student loan forgiveness programs and options for lawyers:

  • The John R. Justice Student Loan Repayment Program allows public sector lawyers to get their loans forgiven up to $60,000.
  • People who work for the Department of Justice for three years will be happy to know that the Department of Justice Attorney Student Loan Repayment Program will also get them $60,000 in loans forgiven.
  • The Herbert S. Garten Loan Repayment Assistance Program forgives up to $5,600 in law student loans for up to 70 lawyers per year.
  • Many state and university-sponsored loan forgiveness programs also exist. So, ask your alma mater.

Military Student Loan Forgiveness

You've heard about many student loans paid off by Uncle Sam, and yes, that's a thing. In fact, the US military puts more people through college than any other group in the country.

What you qualify for will hinge on what branch of the military you're in and what you do, so you might want to review a complete list of student loan forgiveness programs and options for military members online.

Special Circumstances Forgiveness

Sometimes, there are circumstances that make it impossible for you to repay loans — or make it unfair for you to repay your loan. On this list of student loan forgiveness programs and options, this is one option you most likely do not want to have on your hands.

Most of the time, this can be possible when a school loses any credibility or is deemed fraudulent. In these rare circumstances, the government will typically greenlight loan discharges for borrowers affected by extreme circumstances.

Special circumstances include (but are not limited to) the following:

  • School Closure: If the school you're attending or attended shuts down, your student loans are likely to be eligible for forgiveness.
  • Declaration of Fraud: This is what happened with Corinthian Colleges, and yes, many students did get their loans discharged.
  • Total and Permanent Disability: If you got into an accident or have a major illness, you likely qualify for student loan forgiveness via total and permanent disability. After all, how can you work to repay loans if you can't move?
  • Unpaid Refund/Fraudulent Charge: This isn't loan forgiveness, per se, but it can happen and can qualify for a single loan payment refund.
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About the Creator

Ossiana Tepfenhart

Ossiana Tepfenhart is a writer based out of New Jersey. This is her work account. She loves gifts and tips, so if you like something, tip her!

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