Debt Free: Full College Loan Forgiveness

by contentwriter

Author: David King

Having your college loan forgiven means you no longer have to repay any or all of them.

Many borrowers who have gotten school loans have been wondering whether it is possible to get assistance with servicing their loans or forgiveness. 

The answer is yes, but you must meet specific criteria to qualify for loan forgiveness or repayment assistance. Examine the choices we’ve provided below to know your eligibility.

-------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------------

1. Teacher Loan Forgiveness

You may qualify for college loan forgiveness of up to $17,500 on qualified federal student loans if you teach full-time for five successive academic years. 

This is relevant for those who teach in selected elementary and secondary schools, or educational service organizations that serve low-income families, and meet other requirements.

2. Income-Driven Repayment (IDR) Plans

Any outstanding balance on your college loans can be forgiven when you make specific payments over a particular amount of time. If you choose to repay them using an income-based repayment plan.

3. Public Service Loan Forgiveness (PSLF)

You might be eligible for forgiveness after making 120 qualifying or ten years payments while working full-time at a government agency or non-profit organization. 

-------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------------

To take advantage of PSLF, you must repay federal student loans using an income-driven repayment plan. 

Furthermore, you may qualify for Temporary Expanded Public Service Loan Forgiveness (TEPSLF) if you have been denied loan forgiveness under PSLF. This is because of the part or all of the Direct Loan payments you made under an unapproved repayment plan (TEPSLF).

4. Military Service

The U.S. Department of Education and the U.S. Department of Defense offer special perks and loan repayments in appreciation for the years spent in military service. Rewards include interest rate restrictions provided by the Department of Defense and the Service members Civil Relief Act.

5. AmeriCorps

Individuals who have completed their term of service in an authorized AmeriCorps program may qualify for Segal AmeriCorps Education Award. Your eligibility for a Segal AmeriCorps Education Award depends on how successfully you finish your service. Also, it can be used to pay back eligible college debt.

-------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------------

How to Apply For Forgiveness

If you think you are eligible, get in touch with your loan servicer. If you have a Perkins Loan, get in touch with the institution that issued it or the loan servicer the institution chose.


If none of the aforementioned options works for you, but you still need assistance clearing your college loans, talk to your loan provider about your choices. You may also try the following;

  • Change your repayment plan to lower your monthly repayments.
  • Combine several federal loans into one that may result in a lower monthly payment.
  • Apply for deferment or forbearance to temporarily delay or reduce your payments.

It is crucial to keep in mind that you are responsible to pay back your college fund. Whether you finish your education, land a job related to your course of study, or not, you should pay for your loan. Even if you accepted your promise to pay or obtained the loan when you were a minor, you are still liable for paying back the loan. Thankfully, there are programs can that help you with your loan servicing and forgiveness. 

You may also like