student loan forgiveness debt free

As a student myself I took out a bunch of student loans early to pay for college. Everyone around me told me "not to worry" about taking out loans and accumulating debt because "after you get your degree" this student loan debt can be paid off later. Well, in reality, I did get my degree, but finding a job was kind of an issue in itself. In order to avoid paying an increasing interest rate on my loans, I started paying off these loans while still at college. But as soon as there was a halt in work, I was stuck paying that same rate even though my income slowly began declining. I sat on this for a couple of months and read about the new federal student loan forgiveness programs on the web. After reading articles on and and got a basic idea of what I was looking for. I knew that I could qualify for student loan forgiveness because of the amount of hours I worked at my job.

What Is Federal Student Loan Forgiveness?

The Student Loan Forgiveness Program is a federal program that assists those working in public service jobs, such as nonprofits, manage their debt loan through forgiveness after 120 payments (ten years).This program, signed in 2010 by the Obama administration, gives borrowers (as well as lenders) options to help student consolidate and refinance their student loans. This is a great alternative to the standard 20-25 year forgiveness plans that come with standard federal loan repayments.

How Do Borrowers Benefit From the Federal Student Loan Program?

  • Standard Repayment – The borrower will pay a fix amount each month for the life of the loan. The payment would be determined by your borrowed amount, interest rate, and term of the loan.
  • Graduated Repayment – The borrower would make payments lower than the standard repayment plan, but would gradually increase every two years.
    Income-Contingent(ICR) – In this plan, the borrower would make payments based on their income, family size, loan balance, and interest rate. Borrowers in the ICR can have a payment as low as $0.00/mo. Contact us to find out if you qualify.
  • Income Based(IBR) – This plan bases the borrowers payment strictly on their income and family size. The balance of the loan and interest rate are not used in calculating the monthly payment. The borrower would be responsible to pay 15% of their discretionary income to their federal student loans. Borrowers in the IBR can have a payment as low as $0.00/mo
  • Pay As You Earn(PAYE) – This plan usually has the lowest monthly payment, and is also based on your income but uses 10% of your discretionary income as a payment instead of the 15% used in IBR. Qualifying for the PAYE repayment plan is more difficult than the others. Borrowers in the PAYE can have a payment as low as $0.00/mo

What Student Loan Programs Do I Qualify For?

The easiest and fastest way to find out if you qualify for the federal student loan forgiveness program is to fill out the form on this page and speak directly to one of our representatives. They can answer all of your student loan questions directly and even walk you through the application process. Federal student loans are funded by the government, but are serviced by companies such as FedLoan Servicing, Navient, and others. If you have taken out any of the following federal student loans you may qualify for the forgiveness program.

  • Federal Direct Subsidized Stafford/Direct Loans
  • Federal Direct Unsubsidized Stafford/Direct Loans
  • Federal Direct PLUS Loans
  • Federal Direct Consolidations Loans

If you are not sure if you have any federal student loans, you can find these details in your National Student Loan Data System (NSLDS) account.

Work Requirements to Qualify for a Federal Student Loan Forgiveness Program

  • You must work full-time or at least 30 hours per week at an eligible job (whichever is greater)*

*This includes federal, state, and local government, 501(c)(3) non-profit work, public education, military service, and other work. If you’re unsure whether you qualifies to not, we can help determine employment requirements for Public Service Loan Forgiveness. Contact us here of fill out the form bellow and we'll be in touch with you soon.

What If I Don't Qualify For the Federal Student Loan Forgiveness Program?

There are over 33 million people employed in the government and non-profit sectors (over 20% of US Employees). Anyone of these people who has student loans may be able to benefit from public service loan forgiveness. Sadly, As of Summer 2015, only 336,000 were enrolled in Public Service Loan Forgiveness–That’s only 1%!

After reading this article and you feel you don't qualify for a student loan forgiveness program, feel free to contact us.  In 24 hours, our reps can confirm if you qualify for one of these federal forgiveness programs and even guide you towards other debt relief solutions. Otherwise, we consider looking into refinancing your student loans to lower your interest rates.

Find out if you qualify for federal student loan forgiveness