What is loan forgiveness?
The practice of loan forgiveness involves the federal government cancelling all or part of an educational loan under certain circumstances. To qualify, you must:
- Perform volunteer work
- Perform military service
- Teach or practice medicine in certain types of communities
- Meet other criteria specified by the forgiveness program
Can my loan be forgiven if I have defaulted on it?
No, defaulted loans are ineligible for forgiveness.
How can I find out about other opportunities not listed below?
Contact your employer and inquire as to whether or not they provide any type of loan forgiveness.
|FORGIVENESS PROGRAM||WHO IS ELIGIBLE?||AMOUNT OF FORGIVENESS||ELIGIBLE LOAN TYPES|
|Teachers||Full-time/part-time teachers working in public, Title I schools||Up to $5000 reduction after 5 years $17,500 reduction for special-ed, math and science teachers 100% Perkins forgiveness after 5 years||FFELP Federal Direct Perkins|
|Public Service||Full-time professionals employed in public service||Any remaining debt after 10 years of repayment||Federal Direct|
|Military||Persons who served or are currently serving in the U.S. Armed Forces (Military service is also included under public service professions)||Partial cancellation of loan for service in the United States Armed Forces if military service was for a full year in a hostile area||Federal Direct Perkins|
|Child Care Providers||Persons with a degree in the field of early childhood education and who are childcare providers in a facility that serves a low-income community||Up to 100% of loan forgiven||FFELP Federal Direct|
Listed below are websites you may find helpful for further research on student loan forgiveness. You may also contact your lender for additional information as well.