Are You Eligible? 7 Questions to Ask About Student Loan Forgiveness

Eligibility for student loan forgiveness typically depends on several factors, including:

Questions to Ask About Student Loan Forgiveness
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Congrats! You are eligible!

Loan Type

  • Federal Loans: Most forgiveness programs focus on federal student loans, such as Direct Loans and Federal Family Education Loans (FFEL).
  • Private Loans: These are generally not eligible for federal forgiveness programs.

Employment

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  • Public Service: Some programs require employment in a public service sector, such as government or non-profit organizations.
  • Specific Fields: Certain fields, like teaching or law enforcement, may have their own forgiveness programs.

Income

  • Income-Driven Repayment (IDR) Plans: These plans often have income thresholds for forgiveness.
  • Public Service Loan Forgiveness (PSLF): While income isn’t a direct factor, it’s important to be enrolled in an eligible repayment plan.

Repayment Plan

  • Qualifying Repayment Plans: Different forgiveness programs require enrollment in specific repayment plans, such as Income-Driven Repayment (IDR) plans or Standard Repayment.

Time in Repayment

  • Number of Payments: Many programs require a certain number of qualifying payments before forgiveness is granted.

Other Factors

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  • Loan Forgiveness Programs: Specific programs may have additional requirements, such as teaching in a high-need school or serving in a qualifying military branch.

Common Student Loan Forgiveness Programs:

  • Public Service Loan Forgiveness (PSLF): Forgives the remaining balance of Direct Loans after making 120 qualifying payments while working full-time for a qualifying employer.  
  • Income-Driven Repayment (IDR) Forgiveness: Forgives the remaining balance of federal student loans after making 20 or 25 years of qualifying payments under an IDR plan.
  • Teacher Loan Forgiveness: Provides up to $17,500 in forgiveness for teachers who meet certain requirements.

To determine your specific eligibility, you can:

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