Top Four Student Loan Forgiveness Programs

The thought of paying back your student loans may give you a feeling of dread over how long it is going to take. It might also be the reason that other goals in life like getting a new car or buying a home may seem like a very distant future. It is possible in certain situations to have your federal student loans forgiven.

What does this mean to me?

What it generally means to have loans forgiveness is that you don’t have to continue making your payments because of your job. Let’s look at four of the most popular student loan forgiveness programs and talk about how you can determine if you qualify based on your profession.

There are four different income-driven repayment plans that are offered by the federal government. These plans are based on your income and family size and can help lower your monthly student loan payments. If you don’t qualify for Public Service Loan Forgiveness or have a low salary, but in a lot of debt, you might be a good candidate for an income-driven repayment plan.

Each of these plans will cap your payment to 10 to 20 percent of your discretionary income.
Once you have made your payments for 20 or 25 years, you are forgiven for whatever is the balance that remains. The four income-driven repayment plans are:

● Income-Based Repayment
● Income-Contingent Repayment
● Pay as You Earn
● Revised Pay As Your Earn

Public Service Loan Forgiveness

If you are entering into career as an employee for the government or a not-for-profit organization, you could be eligible for this loan forgiveness program. The program is meant for those who enter jobs in teaching, public interest law, military, and other low-paying professions.

Qualification Requirements

To qualify for loan forgiveness, you must work for a nonprofit or the government and make student loan payments for ten years. Qualifying employers for Public Service Loan Forgiveness include:
● 501(c)(3) nonprofits or nonprofits that don’t have this status but their main purpose is to provide qualifying public service
● AmeriCorps or Peace Corps
● Government organization

Teacher Loan Forgiveness

If you qualify for Public Service Loan Forgiveness and are a teacher, it’s likely that you also qualify for this program. You must be a full-time teacher and have completed five consecutive academic years itching at an educational service agency or low-income school.

There are some additional requirements to meet the eligibility of this program as well to consider. But if you are eligible, you can get up to $17,500 of your subsidized and unsubsidized Federal Stafford loans and Direct subsidized and unsubsidized loans forgiven.


State-Sponsored Repayment Assistance

Almost every state offers a special student loan forgiveness program that’s available to residents. Public service fields like health care, legal, and teaching are among the areas that these loan programs could be available for. The amount that can be potentially forgiven will also vary. Check details in your state to see what’s available in your area that you might be eligible for.

Do you have questions about if you qualify for a student loan forgiveness program or another question about your student loans? We’re here to help with a free, no-obligation consultation at (480) 676-2889 to get started. You can also email Attorney Gary Nitzkin at


Address: 22142 W Nine Mile Rd, Southfield, MI 48033

Phone: 480-676-2889