How to Apply for Student Loan Forgiveness

We’ve all heard of student loan forgiveness, but for most, the knowledge ends there. It can be confusing trying to figure out if you qualify, how to apply, and what to do from there.

Don’t worry, we’ve done the research for you! Below you’ll find all the information you need to see if you’re able to have your student loans forgiven and how to make it happen.

Let’s start with the basics, “what is student loan forgiveness?”

Student loan forgiveness is a program in the United States that, under certain circumstances, can cancel all or part of your student loans.

How do I know if I qualify?

This is a loaded question — there are several factors taken into account when determining if you qualify for student loan forgiveness. These include:

  • Type of job or profession
  • Type of student loan
  • How many student loan payments have been made
  • Whether you’ve enrolled in a specific type of repayment plan.

Additionally, you must be in good standing with your loans. Which means, you cannot be in default, deferment, or forbearance. 

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It’s also necessary that you’re working full-time, which depending on your job can range from 30-40 hours per week.

What job or profession should I have?

Several professions qualify for student loan forgiveness:  

  •       Government Workers (Federal, State, Local)
  •       Emergency management
  •       Military service
  •       Public safety or law enforcement services
  •       Public health services
  •       Teachers
  •       Medical Professionals (Doctors, Nurses, Dentists)
  •       Lawyers
  •   Veterinarian
  •       Pharmacist
  •       Public education or public library services
  •       School library and other school-based services
  •       Public interest law services
  •       Early childhood education
  •       Public service for individuals with disabilities and the elderly
  •       Volunteer with AmeriCorps, Peace Corps and other qualifying volunteer organizations

The best way to find out if your job qualifies is to reach out to your manager or Human Resources department for more information. They’ll be able to point you in the right direction if you fall into one of the categories listed above.

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What types of student loans can be forgiven?

Private or personal loans can not be forgiven. However, below is a list of federal student loans that can be forgiven if you meet the criteria requirements:

  • Direct Subsidized Loans 
  • Direct Unsubsidized Loans
  • Direct PLUS Loans
  • Direct Consolidation Loans
  • Perkins loans

What repayment plan should I be enrolled in?

Loan repayment plans are not “one size fits all,” so it’s best to do some research to find out which plan is going to be best for you. Talking to your loan servicer is best when determining which plan(s) you qualify for. 

This sounds too easy, there has to be some small print… right?

The only other caveat is that you need to make consecutive payments for 10 years or 120 months. 

How do I apply?

The application is pretty simple. 

Talk to your employer and file this form to get the process started.