Student loan forgiveness debt relief programs are available for those who have outstanding student loan debt. The U.S. Department of Education offers several different types of loan forgiveness programs, including Public Service Loan Forgiveness (PSLF), which allows borrowers to pay nothing on their loans while working in public service jobs.
What is it?
If you work full-time for the federal government, state government, nonprofit organization, or local government, you may be eligible for PSLF. You must also meet certain requirements, such as having made 120 qualifying payments on your loans.
When does it start?
The application period for PSLF starts every October 1st. However, you will not receive any benefits until after January 1st of the following year. This means that you will need to apply before October 1st of 2017 to receive any benefits.
If you meet certain requirements, you may be eligible for forgiveness of your student loan debt. You must have made 120 payments on your student loans while enrolled at least half-time in an undergraduate degree program. Additionally, you must have had no more than $20,000 in outstanding balances as of July 1, 2016.
How much will I get?
Depending on how much you owe, you might receive up to $57,500 in total relief. This includes principal, interest, fees, and other charges. However, there are some exceptions. For example, if you were enrolled in school full-time before October 1, 2007, you won’t be eligible for any relief. Also, if you have been making payments on your student loans for less than 10 years, you won’ t be eligible for any relief either.
How long will it last?
If you meet the requirements, you should expect to see results within three months. You must also continue making payments while you wait for your loan forgiveness.
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