Ask for Student Loan Forgiveness When You Can’t Pay
You can’t wish away your student loan debt, but for some, it can be erased through student loan forgiveness programs. “Forgiveness” means the lender no longer expects you to repay your student loan due to hardship or other qualifying factors. Your current or future circumstances are considered when you apply for forgiveness, including your job.
Common Types of Student Loan Forgiveness
- Public Service Loan Forgiveness: Some public service jobs can enjoy loan debt forgiveness after just five to 10 years, depending on the situation and criteria. A few examples include:
- Teacher Loan Forgiveness: Teaching in a low-income school or educational service
- Forgiveness for Income-driven Repayment Plans: After paying 20-25 years on an income-based plan, the loan is forgiven
Get Out of Jail Free Card When Life Takes a Turn
Besides forgiveness programs or fully paying off your debt, there are a few other ways to be rid of student loan liability:
- Discharge: Due to something out of your control (i.e. school fraud, school closing, disability or death)
- Cancellation: In limited situations, the lender will cancel a loan due to proven hardship
There is hope if your student debt hinders your ability to make ends meet. Speak with a Student Loan Advisor to learn if your job or life situation may be eligible for student loan debt forgiveness programs today.