6. Loan Forgiveness Programs
Loan forgiveness programs can significantly reduce your debt burden if you qualify. These programs are designed to alleviate the financial strain on borrowers working in certain sectors.
Public Service Loan Forgiveness (PSLF)
PSLF program is available to borrowers working in public service jobs, such as government or non-profit organizations. After making 120 qualifying payments, the remaining loan balance can be forgiven. To qualify, you must meet specific employment and payment criteria, and it’s important to understand the detailed requirements to ensure eligibility.
Teacher Loan Forgiveness
For teachers who work in low-income schools for five consecutive years, this program offers loan forgiveness, making it easier to manage your debt. The amount forgiven can vary, but this program provides significant relief for educators dedicated to serving in high-need areas.