There are several types of student loans that may be eligible for forgiveness. Here are some of the most common types of student loans that may be eligible for forgiveness:
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Direct Loans: Direct Loans are federal student loans that are eligible for Public Service Loan Forgiveness (PSLF) after 120 qualifying payments while working full-time for a qualifying employer.
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Federal Family Education Loans (FFEL): FFEL loans may be eligible for PSLF if they are consolidated into a new Direct Consolidation Loan.
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Income-Driven Repayment (IDR) Plans: Borrowers on IDR plans may be eligible for forgiveness after a certain number of months of repayment, generally equating to 20 or 25 years, depending on the specific type of plan and when the loans were originated.
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Teacher Loan Forgiveness: Teachers who work in low-income schools or educational service agencies may be eligible for up to $17,500 in loan forgiveness after five years of teaching.
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Borrower Defense to Repayment: Borrowers who were defrauded by their school or who had their school close while they were enrolled may be eligible for loan forgiveness through the Borrower Defense to Repayment program.
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Closed School Discharge: Borrowers whose school closed while they were enrolled or within 120 days after withdrawal may be eligible for loan forgiveness through the Closed School Discharge program.
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Total and Permanent Disability Discharge: Borrowers who are totally and permanently disabled may be eligible for loan forgiveness through the Total and Permanent Disability Discharge program.
Its important to note that eligibility requirements and forgiveness amounts vary depending on the program. Borrowers should carefully review the requirements for each program to determine if they are eligible for forgiveness.
