How often are you dreaming that all your student loans just vanish? Quite often, I bet. Well, there is no way that you simply snap your fingers and the whole debt will disappear magically, but there are some alternatives that can get it forgiven. These are named student loan solutions. To be more precise, there is plenty of various student loan forgiveness programs available for those, who work in such fields as education, health care, public service, etc. There are even some particular states helping debt-saddled students pay off their loans.

If student loan solutions are the topic that is crucially relevant for you, go through this article: we do know how to help you.

1. PSLF, or Public Service Loan Forgiveness

The given program aims to help people working in the area of public service jobs. What matters here is not a job title, but more the company a person works for. Once 120 payments are completed, there is a possibility to qualify for 100% loan forgiveness. Awesome, right? What is more, these payments may be not consecutive.
Who can be eligible?
In order to qualify, a person must be a full-time employee at a state, federal, or even local government agency. Another option is working at a 501(c)(3)-designated organization. Religious-based non-profit organizations are excluded from this list.
Loans that qualify:
Under PSLF program, all Direct Loans qualify, the following ones included:
• Direct PLUS Loans
• Direct Unsubsidized and Subsidized Loans
• Direct Consolidation Loans
Family Education Loans, as well as Federal Perkins Loans, are suitable only for PSLF in case a person consolidates them first through a Direct Consolidation Loan.
The requirements are as follows:
It is necessary to work full time for an organization that qualifies, as well as to make 120 on-time loan payments. The latter must fall under a qualifying repayment plan, including the following:
• PAYE (Pay As You Earn Repayment)
• IBR (Income-Based Repayment)
• ICR (Income-Contingent Repayment)
• REPAYE (Revised Pay As You Earn)
• Standard Repayment
For the majority of borrowers, an income-driven repayment plan tends to maximize the sum that will be forgiven and lower the number of monthly payments.

How can a person become eligible for this program?

It is necessary to submit the Employment Certification for Public Service Loan Forgiveness form so that you can make sure that you are eligible for PSLF. Moreover, this program requires the submission of such a form for every year of service. Therefore, annual submission is a smart step.
One more essential step you can take here is switching to an income-driven repayment plan. In such a way, the monthly payments will be lowered, while the term will be extended to 20 or even 25 years. In case a person remains on the standard plan, there will be no balance left to be forgiven after 10 years of payments.
Furthermore, it is recommended to consider consolidation of the student loans into a Direct Consolidation Loan. Such decision is relevant when a person has Perkins or FFEL Loans. Along with such, it contributes to simplification of the monthly payments, so that there is only one loan to pay for every month.
The process of application:
Submission of the Employment Certification Form annually is the first step.
Then FedLoan Servicing conducts a review of the information provided and will let you know if your application qualifies. There are cases when they need more information, so be ready to provide it if requested.
After that, FedLoan Servicing presents you with information concerning the number of qualified payments you have made, and the number of payments you will need to make until there is the qualification for forgiveness.

2. PAYE, or Forgiveness with Pay As You Earn

The given program resembles the core principles of Income-Based Repayment. To be more precise, this is not a conventional forgiveness plan, but forgiveness is possible after all.
This program caps a payment at 10% of person’s discretionary income on a monthly basis. Once the period of 20 years is complete, all the rest of the balance is forgiven.
Who can be eligible?
The payments under PAYE are to be less in comparison with their amount under the 10-year Standard Repayment Plan. Smart math, isn’t it?
Loans that qualify here:
• Direct Grad PLUS loans
• Both Unsubsidized and Subsidized Direct Loans
• Federal Perkins Loans (provided consolidation)
• Subsidized and Unsubsidized FFEL Stafford Loans (provided consolidation)
• FFEL Loans made to grad students (provided consolidation)
• Direct Consolidation Loans, only cases of repayment of Parent PLUS Loans or FFEL Loans made to the party of parents qualify for the exclusion
The demands are as follows:
• consistent payments for 20 years is a must
• payments rely on the income, as well as family size
• a status of the new borrower, namely, of Oct. 1, 2007.
Process of application:
Application is made via It is necessary to provide income documentation. There is a helpful PAYE calculator to start with.

3. IBR, or Forgiveness with Income-Based Repayment

This one is also not a traditional forgiveness program, but the Income-Based Repayment program does lead to forgiveness.
IBR implies the following: the student loan payments are capped at 10-15% out of the discretionary income. The remaining balance can be forgiven only after consistent payments according to the program terms for 20-25 years. The period of payments depends directly on the time when you borrowed.
According to the current tax law, the forgiven loans in terms of this program are often taxed as income. Make sure it will be suitable for your case.
Eligibility criteria:
• the IBR payments are not less in than the payment would be in terms of the Standard Repayment Plan
Loans that qualify:
• Direct Grad PLUS loans
• Direct Unsubsidized and Subsidized Loans
• Subsidized and Unsubsidized FFEL Stafford Loans
• Federal Perkins Loans, only in case consolidated
• FFEL PLUS Loans (for graduates)
• Direct Consolidation Loans, only if they were not used for repaying Parent PLUS Loans or FFEL Loans
The key demands:
• as mentioned above, making consistent payments for 20-25 years is a must
• loan servicers are to be updated in case the income alters
Process of application:
Application is submitted via There may be an additional set of documents requested.

4. REPAYE, or Forgiveness with Revised Pay As You Earn

The given student loan solution is similar in its functionality with Pay As You Earn. According to this particular plan, the payments are capped at 10% of the discretionary income. Forgiveness comes after 20 years of regular payment for undergraduate loans, and after 25 years for graduate ones.

Who can be eligible:
Every person with qualifying federal student loans is.
Which loans do qualify here?
Eligible loans comprise:
• Direct Subsidized and Unsubsidized Loans
• FFEL Stafford Loans, in case of being consolidated
• Direct Grad PLUS loans
• Federal Perkins Loans, in case of being consolidated
• FFEL PLUS Loans made to grad students, in case of being consolidated
• Direct Consolidation Loans, only if not repaid Parent PLUS Loans or FFEL Loans made to parents
The requirements here are as follows:
Check the difference between undergraduate and graduate loans.
Process of application:
The process of application occurs at Income documentation is usually required. The REPAYE calculator is there for calculations.

5. ICR, or Forgiveness with Income-Contingent Repayment

This option tends to adjust the monthly payments in accordance with the income. There are two solutions: 1) 20% of the discretionary income as a payment; 2) payments according to a 12-year plan that is fixed.
The core advantage of ICR is that this is the only income-driven plan that can be offered to borrowers with Parent PLUS Loans.
Every person who has eligible federal student loans is.
Loans that are eligible here:
• Direct Consolidation Loans
• Direct Unsubsidized and Subsidized Loans
• Direct PLUS Loans made to grad students
• FFEL Stafford Loans, if consolidated
• Parent PLUS Loans, if consolidated
• FFEL Loans made to parents, if consolidated
• Federal Perkins Loans, if consolidated
How can you apply for this student loan solution?
Application is possible via

6. Federal Perkins Loan cancellation

In case of taking Federal Perkins Loan in order to pay for school, it is possible to qualify for loan cancellation in several proper ways. Forgiveness is usually provided after each year of service.
This student loan solution is quite popular among teachers since the prevailing majority of those working in education sphere qualify. Options here include being a speech-language pathologist, librarian, or any other kind of education professional.
Apart from education field, law enforcement officers, firefighters, nursing personnel, service volunteers, military services, and public defenders may also qualify.
Major requirements:
• Federal Perkins Loan is a must
• Full-time work for at least a year is a prerogative
• working in a qualifying profession
Process of application:
We recommend consultation of your loan servicer, as well as school’s student loan office, for more details since options vary.

7. Student loan forgiveness (specifically for teachers)

Amounts of loan forgiveness vary according to the subject a person teaches. For instance, elementary school teachers usually get up to $5,000, whereas secondary school teachers can achieve up to $17,500 in the given student loan solution program.
• Direct Unsubsidized and Subsidized Loans
• Unsubsidized and Subsidized Federal Stafford Loans
In case only PLUS Loans are present, a person will not eligible for the currently discussed program.
Requirements are such as:
• Teaching should be obligatory in a qualifying organization, namely, in elementary or secondary school, or even education service agency that serves people with low income.
• Loans originated before Oct. 1, 1998, are not eligible.
• The loans are not to be in default.
• A teaching license or state certification is required.
• Working full time in a teacher’s position should be for five consecutive years.
Process of application:
Once your teaching experience reaches 5 years, application can be performed. Applications are returned to your loan servicer.

8. Student loan forgiveness (specifically for nurses)

In case a person works in an underserved community, there is a possibility to apply for the NURSE Corps Loan Repayment Program. To be more precise, it is possible to receive up to 60% of the student loans forgiven over 2 years of the aforementioned kind of employment. Working there for a third full year leads to reaching up to another 25%.
Requirements include:
• qualifications comprise being a nurse practitioner, registered nurse, or nurse faculty member
• it is required to work in the area of critical shortage
• it is also required to serve a high-needs population
• in case of nurse faculty members being at an accredited school of nursing is required
Process of application:
Applications are accepted one time per year. It is ultimately important to check novice guidelines as far as they are updated on the annual basis.

Loan repayment assistance aimed specifically for doctors and other professionals on the area of health care

9. NHSC, or National Health Service Corps loan repayment assistance

The given student loan solution permits reaching up to $50,000 for the licensed health care providers. A person eligible for it must be a dentist, primary care doctor, a mental or behavioral clinician. Forgiveness is possible after 2 years of professional activity at an eligible site.
10. Indian Health Services Loan Repayment Program
Finally, this student loan solution is an encouragement for doctors to work in communities of Alaska Native and American Indian. It is obligatory to commit to 2 years of professional performance in the aforementioned health care organizations. In exchange, such professionals will be repaid up to $40,000 of the whole amount of student loans.

Thus, there are diverse options for students to get paid for a considerable part of their student loan. Available student loan solutions have particular requirements and terms, but present graduates with excellent perspectives on covering approximately half of their debts via programs.


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