– List of Student Loan Forgiveness Programs

by admin July 27, 2020
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List of Student Loan Forgiveness Programs and Options:

Student Loan Forgiveness Program

Education nowadays became very expensive. So, student loans are becoming a necessity for almost every college student. You will get several programs and incentives to save money on your college loans. But that does not mean the loan will completely disappear. There are many ways to pay less on your student loans.

Some of the student loan forgiveness programs depend on the occupation of the loan holder and some depend on particular states. Some of the Student Forgiveness Programs are just free money for college loans.

Public Service Loan Forgiveness:

  • Those who work for the non-profit organization will get loan forgiveness after making 120 eligible payments.
  • It will be a good option to enroll in an income-based program that will qualify for PSLF to maximize the amount of their loan that forgiven.
  • Under a public service loan forgiveness program, there will be no limitation of the amount that can be forgiven.

It is one of the most well-known forgiveness prams. Usually, it is a federal program, which is available for the people who work in public service jobs. The public service is about anyone who works for a nonprofit qualifies.

To qualify for this program, the employees must have to be a full-timer. There must be 10 years of employment and payments made, but it doesn’t have to at the same place. Keep in mind that, the payment has to be made through a qualified program like, Pay as You Earn Payment (PAYE, Income-Based Repayment (aka IBR), Income Contingent Repayment (aka ICR), Revised Pay as You Earn (aka REPAYE), and other standard payment programs.

Income-Based Repayment:

  • People those make income-based payment for 25 years, will get the relieved for student loan debt.
  • Keep in mind that, any loan forgiven will be taxed as income, which might lead you to a huge tax bill.

It is not forgiven. It is one of the best ways to save some money for your student loan. After making the payment for 25 years, the rest of the amount will be forgiven.

This program is available for almost every student loan. The only requirement is that the program is open to people with a lower payment than the regular by signing up. Income-Based Payment might be the best option for those people, who are thinking to stay in the low paying field.

Teacher Loan Forgiveness:

  • Any eligible school teachers who, who are part of their student loans will be forgiven user the Teacher Loan Forgiveness Program.
  • If you have taken the loan before October of 1998, then you might not eligible for the Teacher Loan Forgiveness.
  • The teacher must have to work for at least 5 years to participate in this program.

We know that the teachers play a vital role in our society and they don’t get paid enough for their worth. In that situation, the Teacher Loan Forgiveness Program might help them. If any teacher who works in the classified low-income schools are eligible for this program.

For those who are trying to get a loan through the Teacher Loan Forgiveness, they have to earn many state certifications and licensees as they can. That will make them a highly qualified teacher and will get more in loan forgiveness. For those teachers who are over the secondary or elementary program, will get up to $5,000 in loan forgiveness. For the teachers of science and math or work in special education will get up to $17,500 in loans forgiven.

Doctor and Nurse Student Loan Forgiveness Programs:

Not all the take part in this program, but few of the certain once do have special programs that help the doctors have their student loan forgiveness. All doctors require their license in that state to qualify for this program.

  • New York: For two years, you will get up to $10,000 each year.
  • Washington: For two years, up to $35,000 (only in rural and underserved areas)
  • Pennsylvania: For working two years, you will get $100,000.

For the people who are working in nursing and have Federal Perkins Loan, will get the 100% forgiven. But these only have 5 years of full-time employment. For those who are working in underserving communities have up to 60% off on their loans, through the NURSE Corps Loan Repayment Program.

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Special Forgiveness Programs for Lawyers:

Some states are really in need of qualified lawyers, they will forgive student loans for lawyers.

Washington D.C: The District of Columbia Bar Foundation Loan Repayment Assistance Program offers up to $12,000 in credit every year.

Florida: Through the Loan Repayment Assistance Program, you will get up to $5,000 a year can be forgiven.

Michigan: For the people who work in a certain practice, will get up to 10k each year through the John R Justice Student Loan Repayment Program.


Student loan forgiveness is a good program to be true. The above-mentioned programs are available with federal student loans.

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