Federal student loans offer benefits that other loans don’t. A major benefit is the ability to qualify for student loan forgiveness — under special circumstances, the federal government may forgive some, or all, of your federal student loans. Meaning that you’re no longer obligated to make your loan payments. Another big one is that there may be some situations where you may qualify to have your loans canceled or discharged.
COMMON TYPES OF LOAN FORGIVENESS AND DISCHARGE.
Teachers qualify for student loan forgiveness if they teach full-time for 5 complete and consecutive years in a low-income elementary school, secondary school, or educational service agency. If you do you might be eligible for forgiveness of up to $17,500 on your Direct Loan or FFEL program loans. Check StudentAid.gov/teach-forgive for more info and a form you can fill out when you have completed your teaching service.
If you get a job at a government or not-for-profit organization and repay your loans based on your income, you may qualify for forgiveness of your Direct Loans after 10 years of payments and employment. Check StudentAid.gov/publicservice for more information and for a form you can fill out when you start working to receive confirmation that your employment qualifies for the program.
If your school closes while you’re enrolled or soon after you withdraw, you may be eligible for a discharge of your federal student loan. For example, ITT and Corinthian College recently closed and qualified students were eligible for loan discharge. Learn more about the process, eligibility requirements, and how you can apply.
Learn more about the Total and Permanent Disability Discharge process, eligibility requirements, and how to apply.
Our Student Loan Consolidation Company Tip: Make sure you clearly understand the eligibility guidelines for each program before signing up.
If you think you qualify for one of the programs other than the Total and Permanent Disability Discharge give us a call to verify 1-888-658-0035
All forms are in Portable Document Format (PDF). In order to view PDF files, you must first download the free Acrobat Reader software. Detailed instructions for downloading and installing the Acrobat Reader are located on the Adobe website.
Not everyone follows the same path while in school, or afterward when you’re expected to pay back your loans. Let one of our experienced advisors point you in the right direction.
For more information on Student Loans, Loan Forgiveness, Loan Consolidation and industry tips make sure to follow our blog at: http://studentfinancialassistancecenter.com/blog/
This site is not affiliated with or endorsed by the U.S Department of Education. The content or any information posted on this site does not reflect the views of the U.S. Department of Education.
You can apply for loan assistance or other repayment assistance without paid assistance at no cost through the Department of Education.
Student Financial Assistance Center helps you prepare the application for student loan consolidation and repayment programs offered by the DOE.
Student Financial Assistance Center is not a loan servicer, and does not provide debt relief services, including renegotiating, settling, or in any way altering the terms of payment or debt.