Programs and Qualifications
Full-time in a public service position provides possible eligibility for the public service loan forgiveness plan. The balance of your federal Student Loan could be completely forgiven after you have made 120 payments under certain repayment plans.
The Teacher Loan Forgiveness Program is the most beneficial to teachers, as it allows for early forgiveness as well as the principle reduction. Teachers might be eligible for $5,000 to $17,500 in principle reduction under certain circumstances. The main reason for the principle reduction is to get people to go into the field of teaching, as well as to stay in the teaching field. Teachers qualify for complete loan forgiveness after 10 years of payments and service as a teacher.
If you are unable to work due to a physical or mental impairment, you might qualify for a discharge of your Federal Student Loan Balance.as to stay in the teaching field. Teachers qualify for complete loan forgiveness after 10 years of payments and service as a teacher.