How Can You Get Your Student Loan Forgiven?

Smile Graduate Student WomanIt may be possible to have some or all of your student loan forgiven if you meet certain criteria.

If you volunteer your time with AmeriCorps, VISTA (Volunteers in Service to America) or the Peace Corps it may be possible to have up to 70% of your student loan forgiven.

If you are a teacher you may have some of your student loan forgiven if you teach full time in a school for elementary or secondary students from low income families. The more years you teach at these schools the more debt will be forgiven.

If you serve in the Army, Army National Guard, Air Force or Air Force National Guard or the Navy you may be eligible for up to $20,00 of loan forgiveness.

The other branches of the service, i.e., the Coast Guard, Marines and Air Force Reserves currently do not offer student loan forgiveness.

If you are a doctor you may be eligible for some student loan forgiveness if you complete certain types of medical research. If you serve 2 years as a volunteer in a clinic that has a shortage of medical professionals you may be eligible to have up to $50,000 of your student loan debt forgiven. Other medical professionals who serve in areas where they are needed may also be eligible for some student debt forgiveness.

Doctor writingIf you are a law school graduate by doing some non-profit work you may be eligible to have some of your student loan forgiven.

If you work in Public Service and have an income based repayment plan you may be eligible to have your student loans forgiven after 10 years. If you are on the income based repayment plan and are not employed in Public Service then you may be eligible to have your loan forgiven after 25 years.

If you become permanently disabled or are expected to be unable to work for 60 months or more you may be eligible for some student loan forgiveness.

It is not easy to find the ways to have your student loan forgiven. You will need to spend time researching your options and then there will be substantial forms to be completed.

In some instances if all or a portion of your student loan debt is forgiven the amount that was forgiven may be taxable.

If you are employed and think your position is eligible for student loan forgiveness check with your employer’s human resources department.

If your student loan was a Federal Loan then the taxpayers are the ones paying for the forgiveness of the loan. It is for this reason that many people object to the forgiveness of student loans.   It is rare for loans from private institutions to be forgiven. But, if they are, then the banks’ other customers have funded that loan by paying their interest and fees to the bank.