Pursuing higher education is often seen as a pathway to a successful career and a better quality of life. However, the rising cost of education has left many students struggling to repay their student loans after graduation. Fortunately, the federal government offers several programs to help borrowers manage their student loan debt, including student loan forgiveness. In this article, we will explore what student loan forgiveness is, who is eligible, and how to apply.

What is Student Loan Forgiveness?

Student loan forgiveness is a program that allows borrowers to have all or part of their student loans forgiven, which means they will no longer have to repay the remaining balance. There are several types of student loan forgiveness programs, and eligibility requirements vary depending on the program.

It is important to note that not all student loans are eligible for forgiveness. Only federal student loans, which are issued by the federal government, are eligible for student loan forgiveness. Private student loans, which are issued by banks or other private lenders, are not eligible.

Who is Eligible for Student Loan Forgiveness?

To be eligible for student loan forgiveness, you must meet certain requirements. The requirements vary depending on the type of forgiveness program you are applying for. Below are the eligibility requirements for some of the most common types of student loan forgiveness programs.

Public Service Loan Forgiveness (PSLF)

Public Service Loan Forgiveness (PSLF) is a program that forgives the remaining balance on your Direct Loans after you have made 120 qualifying payments while working full-time for a qualifying employer. Qualifying employers include government organizations, non-profit organizations, and certain types of private employers. To be eligible for PSLF, you must:

Have Direct Loans
Be employed full-time by a qualifying employer
Make 120 qualifying payments under a qualifying repayment plan while working for a qualifying employer
Apply for and receive forgiveness after making 120 qualifying payments
Teacher Loan Forgiveness

Teacher Loan Forgiveness is a program that forgives up to $17,500 on your Direct Subsidized and Unsubsidized Loans and your Subsidized and Unsubsidized Federal Stafford Loans if you are a highly qualified teacher who works full-time for five complete and consecutive academic years in a low-income school or educational service agency. To be eligible for Teacher Loan Forgiveness, you must:

Have Direct Subsidized and Unsubsidized Loans, or Subsidized and Unsubsidized Federal Stafford Loans
Be a highly qualified teacher who works full-time for five complete and consecutive academic years in a low-income school or educational service agency
Apply for forgiveness after completing five years of qualifying teaching service
Total and Permanent Disability (TPD) Discharge

Total and Permanent Disability (TPD) Discharge is a program that forgives the remaining balance on your federal student loans if you are unable to work and earn money due to a total and permanent disability. To be eligible for TPD Discharge, you must:

Have a physical or mental disability that makes you unable to work and earn money
Have a condition that has lasted or is expected to last for at least 60 months, or is expected to result in death
Provide documentation from a physician or the Department of Veterans Affairs (VA) showing that you are totally and permanently disabled
Income-Driven Repayment (IDR) Forgiveness

Income-Driven Repayment (IDR) Forgiveness is a program that forgives the remaining balance on your federal student loans after you have made payments under an income-driven repayment plan for a certain number of years. There are several different income-driven repayment plans, including Income-Based Repayment (IBR), Pay As You Earn (PAYE), and Revised Pay As You Earn (REPAYE).