Loan Forgiveness
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 |
TYPES OF LOANS FORGIVEN |
Teachers |
Full-time/part-time teachers working in public, Title I schools |
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Public Service |
Full-time professionals working in a public service (see list of professions at www.finaid.org/loans/publicservice.phtml) |
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Military |
Persons who served or are currently serving in the U.S. Armed Forces |
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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 |
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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.
www.tgslc.org/borrowers/teachers/faq.cfm
www.finaid.org/loans/forgiveness.phtml
www.collegeanswer.com/paying/content/pay_loan_forgive.jsp
www.ed.gov
www.staffordloan.com
www.socialworkers.org
www.studentaid.ed.gov