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Student Loans: What kinds of loans qualify for forgiveness?

Higher education in the US is expensive, so you probably took out some loans.

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Some loan types may qualify for forgiveness.

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Public service loan forgiveness

Student loan forgiveness means that you’ll no longer have to repay some or all of your loan. Read more about it here.

In order for Public Service Loan Forgiveness (PSLF). you’ll need to ne employed by a government or not-for-profit organization. The remaining balance on your Direct Loans will be forgiven after you’ve made 120 qualifying monthly payments toward the student loan.

Teacher loan forgiveness

If you’ve decided to become a teacher you could also qualify if you teach full-time at a low-income school. You’ll have to be at the same school and teaching for five consecutive years.

You could qualify for up to $17,500 in loan forgiveness on your Direct Loans or Federal Family Education Loans (FFEL).

How to apply

You’ll have to get in touch with your loan servicer if you think you meet the requirements. If you have a Perkins Loan, you’re encouraged to contact the school that made the loan or the servicer they chose.

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