How to Get Student Loan Forgiveness

Student loan forgiveness and the new income based repayment model for student loans were brought about to help those with high and unmanageable student debt levels pay off their loans or have them forgiven altogether. Former students who work in the public sector may be eligible for a student loan forgiveness plan.

Things You'll Need

• Federal student loans

Instructions

student loan forgiveness

1. Find out if your employment qualifies for the public service loan forgiveness program. If you work for a nonprofit, tax-exempt 501(c)(3) organization; the federal government; state, local or tribal government; military; public universities, colleges or schools; or are in the Americorps full time.

2. Find out if you qualify by virtue of your occupation, even if your employer doesn't fit into the categories listed above. If you work in emergency management; military service; public safety; law enforcement; public interest law services; public child care; public service for individuals with disabilities and the elderly; public health; public education; public library services; and school library or other school-based services, you may be eligible, as long as your employer is not "a business organized for profit, a labor union, a partisan political organization, or an organization engaged in religious activities, unless the qualifying activities are unrelated to religious instruction, worship services, or any form of proselytizing," your loans will qualify.

3. Make sure your loans are part of the federal student aid's Direct Loans program. If not, you'll need to convert them to qualify.

4. Find out how many monthly payments you have made on your federal student loans since October 1, 2007. You'll need to have made 120 payments, or ten years, after the eligibly date before your loans will be forgiven.

5. Consider gettign your monthly payments reduced under the Income-Based Repayment plan, which means you'll be paying on your loans for a longer period and have more loan amount eligible for forgiveness after the ten-year mark.

Tips & Warnings

• Check out the IBRinfo.org site to learn more about student loan forgiveness.