The Complete Guide to Student Loan Forgiveness and How to Qualify for it
Introduction: The Rising Cost of Education, the Debt Load Crisis & the Largest College Degree In America
The cost of higher education is rising and many students are struggling with the debt they have accumulated. The average student graduates with $37,172 in debt and the total amount of student loan debt in America is more than $1.4 trillion. This has led to a crisis that may be even worse than the mortgage crisis of 2008.
In this section, we will explore the reasons for this crisis and its consequences for both students and society as a whole.
How Does a Graduated Student Qualify for Student Loan Forgiveness?
In the United States, there are two main types of student loan forgiveness programs. The first one is the Public Service Loan Forgiveness Program (PSLF) which forgives federal loans in exchange for a 10-year commitment to work in public service. The second one is Income-based Repayment (IBR) which caps monthly payments at 15% of discretionary income and forgives any remaining balance after 25 years of repayment.
The qualifications for PSLF are that you must have a qualifying job and make 120 on-time payments while working in public service. For IBR, you need to have a qualifying job and meet certain income requirements such as being below 150% of the poverty level or below what your family would be expected to contribute towards their own higher education expenses.
What is the Public Service Loan Forgiveness Program?
The Public Service Loan Forgiveness program was created in 2007 by the College Cost Reduction and Access Act. It's a federal program that helps borrowers who have made 120 qualifying monthly payments on their federal student loans while working full-time for a qualified employer
The Public Service Loan Forgiveness Program is a great way to help those who are committed to public service.
How can I Use My Employer's Benefits to Get Rid of My Student Loan Balance Faster?
The federal government offers a number of benefits to help you pay your student loans. One of these is the student loan repayment programs, which provides relief for federal loans.
The employer benefits you can use to get rid of your student loan balance faster are:
- Tuition Reimbursement Programs
- Employer Contributions to Your Student Loan Balance
- Student Loan Repayment Plans
Student Loan Forgiveness - Everything you need to know
We did the research and narrowed down to ten sites that will help you get the information you need and make a decision. Keep reading to learn about each one.
We combined over twenty different criteria to establish out rankings with the help of cutting-edge Artificial Intelligence and expert contributors. These criteria include user reviews, content relevance, website reputation score, user votes, and more (We make sure to update these rankings on a regular basis so that the information is always up to date).
We've included the most useful Student Loan Forgiveness videos in our review, as well as links to further resources for more information.
Interest in student loan forgiveness over time
According to our data there has been a growing interest in student loan forgiveness over the past few years. We estimate that there have been over 1,141,272 search engine searches in the United States in 2023 alone.
