Forgiveness programs can eliminate all or part of your student loan debt, and there are many ways to make that happen. For instance, you may choose to:
Have your loan servicer forgive your loan
You may qualify for a loan forgiveness program if you do not have a large amount of student loan debt, and you have lived a good life. Some repayment options allow for a partial repayment plan for your student loan debt. We recommend visiting https://www.sofi.com/refinance-student-loan/ to get all the details.
Consider what other student loan borrowers are in your situation and your options before signing on to a repayment plan.
Reduce monthly payments
In addition to forgiving all or part of your student loans, forgiveness programs may also reduce your monthly payments. Depending on the forgiveness program you choose, your payments may be:
Minimal (less than what you are currently making). You may be able to reduce your monthly payment to zero.
Mostly eliminated (less than what you would pay under the current repayment plan).
Higher payments (less than what you are currently paying).
Choose a repayment plan Based on your goals and circumstances, you may be eligible for either one of the following repayment plans. FHA Student Loan Forgiveness Plan (SLF)
Servicemembers Civil Relief Act (SCRA)
Parent Plus Loan
Parent Plus Loan Plus Plan
Qualified Student Loan (QSL) Plan
Repayment Option Forgiveness
Surcharge Option (SRO) Plans You can apply for any one of the following plans, or you can choose more than one. FHA Student Loan Forgiveness Plan (SLF)
The FHA’s Student Loan Forgiveness Program offers borrowers eligible for and with an income-based repayment plan the opportunity to have their student loan forgiven after 20 years of regular payment. The repayment period for all eligible borrowers is 12 months and is not reset. See www.studentloanforgiveness.gov for more information. Other Income-Based Repayment Plans Other income-based repayment plans, including: Direct Consolidation Plan
Direct Consolidation Plan Plus (including Income-Based Repayment Option, PAYE, and Pay As You Earn repayment plans)
income-based repayment plans, including: Income-Contingent Repayment Plan
Pay As You Earn (PAYE) Plan
Read the Federal student loans for forgiveness table and decide which plan is best for you.
Plan name and details of your repayment options may change as more repayment plans are offered. Contact your loan servicer to find out more about your repayment options.
The program is not available to borrowers who have defaulted on their student loans.
Borrowers in default on their student loans will not receive any payments under this program.
You must enroll in and complete an income-driven repayment plan with at least a 20-year repayment period to qualify. If you need more information, go to Income-driven repayment. Plan Summary: Student loan forgiveness is granted through a plan that will repay your outstanding federal student loans in full. Student loan forgiveness is granted through a plan that will repay your outstanding federal student loans in full.