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Easy Ways to Have Your Student Loans Forgiven Student loan borrowers often regret taking out so many loans while in school. Many borrowers feel trapped and have nowhere to run or hide. The good news is there are student loan forgiveness programs. The programs that are available can either reduce or cancel your existing student loan balance. Qualification for each program is determined by several different factors. In order to qualify, you cannot have defaulted on your loans. This means you haven’t made a single payment in at least nine months. Since private student loans don’t provide borrowers with forgiveness options, it’s up to the lender to decide how they will accommodate your needs. You will need to call your lender to see what your options are.
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Your federal loan balance is eligible for forgiveness after ten years of working for a non-profit or government agency. Professions that qualify for forgiveness range from nurses to military personnel. If you want to save a lot of money and qualify for Public Service Loan Forgiveness, then enroll in an income-driven plan.
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Federal direct loans are the only loans that are eligible for Public Service Loan Forgiveness. If you don’t initially qualify, then your best bet is to consolidate other student loans into your federal direct loans. Reach out to the company that handles your federal loans, for help with your application. They will be able to confirm whether or not you are eligible. They can tell you what paperwork to fill out and if you need to consolidate your loans before applying. Your employer is responsible for helping you complete the employment certification form. The form isn’t required annually, but it’s recommended that you send it in each to stay on track. A retroactive employment certification is an option for those who stay with the same employer every year. Federal Perkins loan borrowers, are eligible to have their loans completely canceled after five years of public service work. Search online for detailed job charts that will tell you if your job is eligible. There are loan benefits available for teachers, as well as detailed guidelines to remain eligible. Only certain subjects qualify, and the work must be performed a low-income public school. There are four income-driven repayment plans that permit you to pay a small percentage of your income toward your debt. Your remaining loan balance will be forgiven after 20 years so, based on the plan you’re enrolled in. It’s best to consider your options and compare offers before choosing a program. Repaying student loans isn’t something anyone looks forward to, but it’s also manageable if you plan ahead.