Are Student Loans Being Forgiven

25 May 2023 Finance

Hey there fellow college grads and soon-to-be college grads! It’s ya girl, back at it again with some insider tips on how to get your student loans forgiven. Yeah, that’s right, I said FORGIVEN. No more paying off those pesky loans for the rest of your life.

First up, we’ve got “5 Little-Known Ways to Get Your Student Loans Forgiven.” And let me tell ya, these ways are little-known for a reason. But we’re gonna spill the beans anyways.

Table of Contents

Tip 1: Work for the Government or a Non-Profit

Yep, you read that right. If you work for the government or a non-profit organization for at least 10 years and make 120 qualifying payments on your loans, the remaining balance will be forgiven. That’s like getting a free pass to the head of the line at the amusement park, except it’s for your loans.

Tip 2: Teach in Low-Income Areas

Okay, hear us out on this one. If you’re thinking you’d rather eat your own shoe than become a teacher, just remember that teaching in low-income areas can lead to loan forgiveness. All you have to do is teach full-time for five consecutive years in a school or educational service agency that serves low-income families and you could be off the hook for a portion of your loans. Plus, think of all the inspiring stories you’ll have to tell at parties!

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Tip 3: Disability Discharge

Alright, this one is a bit of a bummer, but stick with us. If you become permanently and totally disabled, you could be eligible for your loans to be discharged. And we don’t just mean like a little sprained ankle or a bad cold. You gotta be seriously messed up. But hey, at least you’ll have one less thing to worry about.

Tip 4: Join the Military

Okay, okay, we know some of you might be thinking there’s no way you’ll join the military. But hear us out on this one too. If you’re willing to serve your country in the armed forces for a certain amount of time, you could be eligible for loan forgiveness. Plus, if you’ve ever wanted to try living in a barracks or eating MREs, now’s your chance!

Tip 5: Bankruptcy (but only as a last resort)

Okay, okay, we know we said bankruptcy was a last resort, but we’re running out of ideas here. Basically, if you can prove to a court that repaying your loans would cause undue hardship and you’ve made a good faith effort to repay them, your loans could be discharged in bankruptcy. But really, this is like using a sledgehammer to crack a nut. Only do this if you’ve exhausted all other options.

Next up, if those tips didn’t work out for you, we’ve got “Student Loan Forgiveness in 2022 – 20+ Programs Available Now” to share with you. And yes, you read that right, 20+ programs.

Program 1: Public Service Loan Forgiveness Program

Similar to tip 1, this program offers loan forgiveness for those who work in public service jobs for at least 10 years and make 120 qualifying payments on their loans. But remember, this only applies to direct loans, not FFEL or Perkins loans.

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Program 2: Teacher Loan Forgiveness Program

Similar to tip 2, this program offers loan forgiveness for teachers who work in low-income schools for five consecutive years. But be warned, this only applies to direct loans or FFEL loans, not Perkins loans.

Program 3: Income-Driven Repayment Plans

Okay, this isn’t really loan forgiveness, but it can lead to lower monthly payments and loan forgiveness after a certain amount of time. Basically, you pay a certain percentage of your discretionary income towards your loans each month and after 20-25 years (depending on the plan), the remaining balance is forgiven. It’s like a really long-term savings plan, but for loan repayment.

Program 4: National Health Service Corps (NHSC) Loan Repayment Program

If you’re a healthcare professional willing to work in an underserved community for at least two years, this program could be for you. You could receive up to $50,000 towards your loan repayment. Plus, think of all the good karma you’ll have coming your way.

Program 5: Perkins Loan Cancellation and Discharge

If you have a Perkins loan, you could be eligible for cancellation or discharge if you work in certain fields such as teaching, law enforcement, and healthcare. But it’s important to note that this one is a bit trickier and not all fields qualify.

So there you have it, folks. A plethora of ways to get your student loans forgiven. Now, we’re not saying these are easy or guaranteed, but they’re worth looking into. And if all else fails, just remember, misery loves company. There are millions of Americans in the same boat as you. We’ll get through this together.

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