How to get student loan forgiveness in 2024
Student loan forgiveness is available through income-driven repayment plans, Public Service Loan Forgiveness, and other programs.
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Christy Bieber has spent more than 16 years in personal finance and is an expert on student loans, debt, social security, and mortgages. Her work has been published by The Motley Fool, CBS News, and MSN.
Updated August 30, 2024, 3:57 PM EDT
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As of May 2024, the Biden-Harris administration has granted student loan forgiveness to over 4 million Americans in debt — that’s more than 1 in 10 federal student loan borrowers. While not everyone will qualify for federal student loan forgiveness, other relief options exist too, such as student debt discharge and loan repayment assistance programs. Here’s how to get student loan forgiveness in 2024, and debt relief options if you don’t qualify.
Federal student loan forgiveness programs
Public Service Loan Forgiveness
The Public Service Loan Forgiveness (PSLF) program offers relief to borrowers who work in public service roles like health care, education, social work, firefighting, and law enforcement. You must be employed full-time by a U.S. state, local, tribal, or federal government or a nonprofit organization to be eligible, and you also must have federal Direct Loans.
To reach forgiveness via the PSLF program, eligible borrowers are required to make 120 on-time student loan payments on an income-driven plan while working for a qualifying employer - this translates to 10 years' worth of monthly payments. After making your final qualifying payment, you can apply to have your remaining federal student loan balance forgiven.
As of April 2024, PSLF has successfully cleared over $62 billion in student debt for 876,000 borrowers. Use the PSLF help tool to determine if you qualify and to request an application form.
Good to know:
Borrowers are encouraged to submit the PSLF form annually to stay on track for forgiveness. Your employer will also need to certify your employment for each year of service.
Income-driven repayment forgiveness
Income-driven repayment (IDR) plans can be a viable path to forgiveness, especially if you’re struggling to afford your monthly payments with your current income. When you enroll in an IDR plan, your monthly payment amount is adjusted based on your income and family size, which can make repayment more affordable. After making consistent payments over a set period of time — 10 to 25 years, depending on the plan — your remaining student loan balance gets forgiven.
As of January 2024, the Biden-Harris administration has already provided over $45 billion forgiveness to nearly 1 million borrowers enrolled in an income-driven plan, including Saving on a Valuable education (SAVE), Pay As You Earn (PAYE), Income-Based Repayment (IBR), and Income-Contingent Repayment (ICR). To apply for an income-driven plan, fill out the IDR application on the Federal Student Aid website or contact your loan servicer to start the process.
Good to know:
You’ll need to recertify your income and family size every year to remain eligible for IDR and stay on track for IDR forgiveness.
Teacher Loan Forgiveness
Teacher Loan Forgiveness (TLF) provides forgiveness of up to $17,500 of federal subsidized and unsubsidized loans. The maximum forgiveness amount is reserved for math, science, or special education teachers. Others can still qualify for up to $5,000 in loan forgiveness.
To qualify for TLF, you must teach for five complete, consecutive academic terms in a low-income elementary school, secondary school, or educational service agency. You must also be classified as a highly qualified teacher, which means you have a bachelor's degree and you’ve received full state teacher certification with no requirements waived.
Good to know:
Keep in mind, teachers new to the profession may be required to undergo state testing to show proficiency in their academic subjects.
Check Out: 5 student loan forgiveness options for teachers
Perkins Loan cancellation
Individuals who work in education, law enforcement, or other qualifying disciplines may be eligible to have their federal Perkins Loans canceled. This includes:
- Early intervention service providers
- Family services agency workers
- Firefighters
- Law enforcement officers
- Librarians with master's degrees
- Members of the military
- Nurses or medical technicians
- Public defenders
- Speech pathologists with master's degrees
- Teachers
- Volunteers with AmeriCorps VISTA or the Peace Corps
Under this program, you'll have 15% of loans forgiven for the first and second year of service, 20% for the third and fourth years, and 30% for the fifth. To apply for Perkins Loan cancellation, contact the school that issued your loan, or the school’s Perkins Loan servicer. They will provide you with specific forms and instructions.
Good to know:
The total amount forgiven on your Perkins Loan also includes any interest that accrued during that year.
Student loan discharge
Federal student loan debt can also be discharged, or eliminated, if you qualify based on the following circumstances:
- Disability: Total and permanent disability can result in discharge of federal loans and Teacher Education Assistance for Higher Education (TEACH) Grant service obligations.
- Closed school discharge: If your school was closed while you were enrolled, while you were on an approved leave of absence, or within 180 days after your withdrawal, you may be eligible to have your remaining balance discharged.
- Borrower defense to repayment: Borrowers may seek forgiveness if a university misled them or engaged in other misconduct that violated state laws.
- Bankruptcy: You must file a separate adversary proceeding and prove undue hardship to have loans discharged in bankruptcy.
- Death: If a borrower dies, their debt is discharged. Parents can also have PLUS loans discharged if the student they borrowed on behalf of dies.
- School’s false certification or failure to refund: If your school falsely certified your eligibility to receive a loan, or failed to pay a mandatory refund, your debt can be discharged.
- Fraud or identity theft: Your loan may be discharged if someone forged your signature to obtain a loan, or if someone stole your identity.
State-funded repayment assistance
Many states offer student loan help to students who fulfill certain criteria. These state-sponsored programs are known as Loan Repayment Programs (LRPs) or Loan Repayment Assistance Programs (LRAPs), which means instead of canceling your debt, they’ll provide you with money to repay your loans in return for your service. These funds can typically be used to pay off both federal and private student loans.
The specific requirements for each program vary, but typically, you must be a resident of the state, work in a specific field — such as health care, law, or education — and serve in a high-need area for several years. Here are some examples:
- Alabama Math and Science Teacher Education Program (AMSTEP): This program provides repayment assistance to math and science teachers who graduated in 2018 or later. The base program provides up to $5,000 per year, and a supplemental program offers up to $2,500 more annually for those working in an area with an acute teacher shortage.
- Physicians for Rural Areas Assistance Program (PRAA): This program is available in Georgia and offers up to $25,000 in annual repayment help (with a maximum of $100,000) to licensed physicians who practice full-time providing care to underserved areas of Georgia.
- Illinois Teachers Loan Repayment Program: This program provides up to $5,000 in student loan repayment for Illinois teachers who work for 5 years in a low-income elementary or secondary school.
See what programs are available in your state by checking your state’s Department of Education website or by contacting your employer or professional association.
Career-based loan repayment programs
Career-based loan repayment programs are typically federally funded, and they help repay a portion of what you owe in student debt — this may include both federal and private student loans, depending on the program. Here are some repayment assistance options based on your profession:
- For health care workers: The National Health Service Corp (NHSC) Loan Repayment Program provides up to $50,000 in repayment assistance for primary care, dental, and behavioral and mental health providers who work full-time for 2 years in communities with a shortage of health care professionals.
- For nurses: Registered nurses (RNs), advanced practice registered nurses (APRNs), and nurse faculty can get up to 85% of unpaid nursing education debt repaid through the Nurse Corps Loan Repayment Program (NCLRP). You must work at least 32 hours a week at an eligible facility in a health professional shortage area to qualify, or at an eligible nursing school.
- For attorneys: Repayment programs specific to attorneys also exist, such as the Attorney Student Loan Repayment Program (ASLRP), which is open to lawyers who make a 3-year service commitment to the Department of Justice. This program offers up to $6,000 per year in loan repayment assistance, with a maximum of $60,000.
- For active military: Military members with federal student loans may be able to get relief through the National Guard Student Loan Repayment Program, which provides up to $7,500 per year in repayment for those who commit to a 6-year service term.
Private student loan forgiveness
Private student loan forgiveness is far less common, although policies vary by lender. Forgiveness for private debt is generally available only in cases of total and permanent disability or death.
While it’s rare to have your private loans forgiven, you may be able to refinance your loans to reduce your interest rate and make payoff cheaper and easier. Just remember that refinancing doesn’t always make sense, especially if your finances are unstable or your credit isn’t in good shape. You also may want to avoid refinancing federal student loans if you can benefit from federal forgiveness or income-driven repayment.
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