Through the Department of Education, you might be eligible for loan forgiveness if your student loans have been causing you hardship. For borrowers who struggle to make their monthly payments, this program provides debt relief. After a set amount of time, the entire remaining total may be forgiven.
You can find all the information you need to apply for and be eligible for the Department of Education’s student loan forgiveness program in this article. We will outline the requirements, the range of potential forgiveness programs, and the steps to take.
- 1 Eligibility Requirements for Department of Education Student Loan Forgiveness
- 2 Types of Department of Education Student Loan Forgiveness Programs
- 3 Application Process for Department of Education Student Loan Forgiveness
- 4 Conclusion
Eligibility Requirements for Department of Education Student Loan Forgiveness
To qualify for the Department of Education student loan forgiveness program, certain conditions must be met, varying by the forgiveness program for which you are applying. Generally, the eligibility requirements are as follows:
- You must have a federal student loan.
- You must have made at least 120 qualifying payments under a qualifying repayment plan.
- You must be employed full-time in a qualifying public service job or nonprofit job.
- You must be in good standing on your loans.
Types of Department of Education Student Loan Forgiveness Programs
The Department of Education offers several student loan forgiveness options, such as the Public Service Loan Forgiveness program, the Teacher Loan Forgiveness program, and the Perkins Loan Cancellation program.
Public Service Loan Forgiveness Program
Qualified borrowers who have a full-time job at a public service or nonprofit organization may take advantage of the Public Service Loan Forgiveness Program. After making 120 timely payments, the remainder of their loans will be cancelled.
Teacher Loan Forgiveness Program
Borrowers who are full-time teachers employed in low-income school districts or educational service agencies may qualify for the Teacher Loan Forgiveness program. Up to $17,500 in loan forgiveness could be attainable depending on the type of loan taken out.
Perkins Loan Cancellation Program
People who are employed in certain public service positions, like law enforcement, nursing, and teaching, can benefit from the Perkins Loan Cancellation program. Every year, depending on the nature of your work, a percentage of your loan balance will be waived.
Application Process for Department of Education Student Loan Forgiveness
To apply for the Department of Education student loan forgiveness program, you must follow these steps:
- To be eligible for a loan forgiveness program, submit an Employment Certification Form (ECF) to the Department of Education.
- This will help them confirm your employment and payments.
- While your application is being processed, don’t forget to keep making your monthly payments.
- Once you’ve made 120 qualifying payments, send in a loan forgiveness application to the Department of Education.
- Upon reviewing your application, the Department will notify you of your eligibility.
Struggling to pay off your student loans? Consider the Department of Education student loan forgiveness program! Take time to read through the requirements and pick the forgiveness plan that suits your circumstances. Then, submit an application and possibly have your debt forgiven!