Student loan forgiveness means you no longer have to repay some or all of your student debt—usually for working in certain jobs or under special circumstances.
Popular Forgiveness Programs:
- Public Service Loan Forgiveness (PSLF): For government or nonprofit workers; requires 120 qualifying monthly payments.
- Teacher Loan Forgiveness: For teachers in low-income schools; up to $17,500 can be forgiven.
- Income-Driven Repayment Forgiveness: If you’re on an income-based plan, the remaining balance may be forgiven after 20–25 years.
How to Apply:
- Check the specific requirements and complete any necessary certification forms.
- Make qualifying payments on time.
- Submit your application when eligible.
Conclusion:
Forgiveness can be life-changing but takes planning and paperwork. Review your options and talk to your loan servicer to see if you qualify.
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